Although today's executives have access to a wealth of data to inform decision-making (opens in new tab), taking on critical decisions at work is having an impact on the mental health of UK professionals.
According to a new study from Oracle NetSuite, 92 percent of executives are overwhelmed by data when making decisions. In fact, they feel more pressure when making big decisions at work, than they do making equally important decisions at home.
One third of respondents said it's more important to mitigate potential risk than pursue potential success, highlighting fears about the ramifications of a poor decision. Less than a quarter (23 per cent) rely on their guts to make decisions.
“There’s a lot of talk about a changing economic, technological and political backdrop, but when you step back, organisations in the UK have an increasing number of growth opportunities if they can focus their time and resources in the right places,” said Nicky Tozer, VP EMEA, Oracle NetSuite.
“To achieve that focus, organisations need to address the decision-making and planning challenges identified in this study so they can use data to adapt to change faster than their competition and unlock new growth opportunities.”
Executives stressed the importance of rethinking the planning process (opens in new tab), to make sure data can be used to augment decisions, and to ensure all stakeholders are working towards the same objective.
- Why it is time to embrace data-informed decision-making (opens in new tab)