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Many CEOs suffering from 'decision paralysis'

(Image credit: / Pressmaster)

As consumers become increasingly demanding and the number of digital tools proliferates, CEOs are struggling to make crucial strategic decisions.

According to a new report from the artificial intelligence (AI) firm Peak, the majority of CEOs (67 percent) are suffering from decision (opens in new tab) paralysis.

Described as an “inability to make or decide on a solution or course of action usually caused by over-analyzing or overthinking a situation", decision paralysis has become a major problem as businesses seek to bounce back after the pandemic.

For roughly two thirds of C-suite execs (64 percent), decision-making is now more complicated than ever before, and half claim it takes too long to make a decision. So long, in fact, that many big business decisions are being delayed until it's too late.

The report also claims more than half (54 percent) of C-suite executives regretted making a major business decision (opens in new tab).

As a root cause of decision paralysis, most respondents blame outdated processes and operations that need to be unlearned or overhauled.

Even though they are adapting, most business leaders in the UK said they’re met with obstacles along the way. The majority (67 percent) has been changing the way they make key decisions in the past five years, but said real change was “stifled by red tape”.

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.