Visual Thinking For Business Part 4 – Decision Making
Today I will start with a story. One of the biggest decision-making failures happened when Kodak made the choice of not to commercialize the digital photography technology that it invented in the ’80s because it feared that it will destroy its film sales. Well, Kodak filed for bankruptcy in 2012.
Why did I start today’s episode with this story? Well, you all guess by now. Today’s topic of Visual Thinking for business is Decision Making
Hi there, this is Tridib and you are watching a Brand new episode of Learn with Tridib – Decision Making.
Before I start today’s episode I would definitely want to ask you all how you are coping up in this lockdown situation. How is your business doing? Hope all members of your family and loved ones are safe and healthy. Do take the utmost care for them.
So, let’s dive in to see what we have in today’s episode. But before that, I would like to request you to like, share and comment on this video. If you are new to this channel kindly Subscribe to the channel and hit the bell icon to get instant notifications.
We all make decisions. Right? Almost every day. Some of them are life-changing choices, while some are not so important ones like which dress to wear for a party or what to order from the menu. Well… If you are aware of the technology world, nowadays bots are also helping us to decide, what the pundits call as Artificial intelligence or AI. Whether it is an opportunity or threat we will discuss in a separate video, not today, but we are all certain that we do not want to make a wrong choice.
The way we visualize and structure information has a clear effect on the outcome of a decision-making process. Visual thinking gives us a great opportunity to improve decision making Processes.
When discussing decision making process what comes in our mind first is, who does the decision making? When and where does it occur and what actually happens in a decision making process.
Well.. Decision making in an organization happens around its structure.
Typically the top level managements like the CEO, CFO, COO, takes the organizational decision making calls. However, everyday working process decisions are taken by even managers and team leads.
Decision making mostly happens in formal management team meetings. It can happen weekly, monthly, quarterly or yearly depending on levels of decision making.
Also, adhoc decision making can also happen when daily teething problems need to be decided.
Typically business decision making is supported by fact-based techniques to rationalize decisions and reduce the limitations of human nature.
Rational decision making involves 3 steps:
1)determine your objectives,
2) evaluate the options and
3) select the best option(s)
Care should be taken to reduce the chances of spaghetti thinking. We have to also be careful about the feasibility, acceptability, suitability and profitability of each decisions.
Today I will talk about 3 of my favourite visual thinking techniques that can help any organization looking for decision making Processes.
The first of the techniques is Thinking Hats
The 6 Thinking Hats concept was designed by Edward de Bono.
This asks everyone to look through the same hat together in a particular sequence.
This avoids the natural tendency for mixed or muddled spaghetti thinking. Like one person drops his creative idea – green hat, someone reacting emotionally – red hat, or someone thinking objectively – white hat.
You can also group the hats for cross pollination like optimistic or pessimistic.
After people gets used to these hats, their engagement increases. It also removes ego and reduces confrontations.
OCT or Option Comparison Table is a great technique that allows us to see large amount of information about various options simultaneously.
It also helps us to group and compare and see relationships between the attributes
It allows us to use symbols, color or types of filling to make the comparisons more intuitive.
(like smilies, Harvey balls, traffic lights etc.)
I will draw and show you various ways to compare.
A) Harvey balls,
B) Like, Dislike
D) Calendar days/Months
E) right or wrong
F) battery/ energy level
G) Hot or Cold
H) Emoticons or Smilies
This is how a typical Option Comparison Table is drawn
Well this one, many of us are already aware of. A decision tree is a great way of visualizing potential options and their consequences.
It is often used to provide decision makers with guidance or even a protocol
We first have to identify the key decision we want to make and phrase it as question. This is the root node.
Each path from the root node describes future sequences. Like did my prospect reach my funnel? If yes did they purchase my product? If yes send them thank you mail immediately or if they saw but didn’t purchase then put them in a separate email list and retarget them. Decision tree also helps us in determining the budget needed in each steps. By analyzing a decision tree we can very well find out which path needs to be tweaked.
So that’s all folks. Hope we have learnt something new today. See you in a brand new episode of Learn with Tridib soon where I will cover How to explore markets and collect customer insights.
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