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Decision Making

I would say that I am fairly new to the corporate life, but I have made several observations on decisions that are made. The term ‘Big Data’ is the new buzzword to hit the lips of IT personnel everywhere over the globe. For me big data is the vast amount of information now available to business, this information can be on customers (internal & external) as well as information on the efficiency on business processes within a business. Due to the share volumes of data, the building of Data Warehouses as well as data security is climbing to the top of a CTIO priorities. However I believe a key issue for businesses is not the data itself (though I must highlight the need for the data to be accurate), but the decisions that the business makes based on the analysis (if any is done). Having vast amount of data, and the creation of reports does not lead to profitability, it is the decisions that management make based off of these reports which lead to such a state.

Too often the data is not even seen prior to important business decisions being made, and at the end of the day when the data is given a glance at it coincides with the reason why the decision made turned out to be the wrong one.

So we must ask ourselves why the data is not been given a thorough ‘run through’ before making decisions. Is it a time factor? Dependent on the industry this could come into play, the business needs to be able to react quickly to a competitor sudden emergence in the market, however a rash decision that is made based on a hunch could cost millions of dollars, so we must weigh the risks.

We must respect the data and let it guide us in making decisions.


Blog#1

I obtained this url approximately six months ago. I know what you are going to say, why has it taken me so long to start blogging. My response to that question would be to say, I did not have the time, but I am wrong, we all have twenty four hours everyday, and it is up to us to use them as efficiently as possible. So what is blogging? What is its purpose? I have read a vast variety of different blogs, from sports, business and fashion, and without using a wikipedia definition I have come to the conclusion that it is a virtual space where persons express their view, opinions, and ideas about subjects ranging far and wide.

So how will I start off?

I have just completed my Masters in Business Administration at the Mona School of Business in Jamaica, and I have a taken a few days to relax, and to retrieve some sleep which was taken from me for the past 26 plus months. Now I must ask myself, what is my next move? For me the reason I did my MBA evolved while I was doing it. Initially I did it purely for the reason that I saw it as the next thing to do since others were doing that and I did not want to be left behind, however as the programme progressed, I realised that obtaining my MBA would be critical for the development of myself, my organisation, and on a wider scale Jamaica.

I look on this island with a population of just over 2.7 million (don’t quote me on that figure) and I see so much potential; our people are so creative, and we have been able to ‘light up’ the world stage in various arenas. What we lack however is leadership, both politically, and even in most of our organisations so that the raw creativity and innovation of our people can be moulded into a product(s) or service(s) that can be marketed on a global scale.This is where WE come in, ‘we’ are those who have garnered management knowledge via the medium of education or otherwise, who can not only lead but create leaders out of those that we lead.

So how do WE do this? I think in an economy such as Jamaica it is important for individuals to create their own employment and I have capitalised the word ‘we’ because this is another important barrier that we must eradicate. As a people we must be more collaborative; and less individualistic, I think it was Dennis Brown that said that ‘No man is an Island’. More and more firms around the world are forming partnerships to carry out a particular task, or enter a particular market; pooling their skills and competencies together in order to be more competitive in such a fiercely competitive global market.

Final point is that too often I have overheard individuals chastising the government on the lack of opportunities that are available in Jamaica; as a people we play the ‘blame game’ far too often. It is time we ‘do something for ourselves’, waiting on the government to provide us with the opportunities may lead to us waiting in vain like Bob Marley.

Until another time I urge you readers to smile more and stress less we are living in a island which is truly blessed!!

One Love!