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‘Information evaluation, decision-making techniques key to business success’

By Nkiruka Nnorom

MAKING use of relevant information, reaching and implementing decisions quickly, simplifying operational models, as well as building up an organisational culture, among others have been identified as factors that would enable business leaders achieve better success in their organisations.

This was the view expressed by speakers at the inaugural edition of the Chartered Global Management Accountants, CGMA Speaks Series, in Lagos and was organised by the Chartered Institute of Management Accountants, CIMA, in conjunction with Phillips Consulting under the theme; “Joining the Dots: The Future of Executive Decision Making.”

The event, which had in attendance high-profile corporate executives from both indigenous and multinational companies, spoke to power, insisting that leaders must lead by example, while also prompting their employees to realise that they are part of a system in an organisation and not working as individuals.

Internet and technology

Delivering a keynote address, President, CIMA, Andrew Miskin, said the mode of communication in business globally has transformed as a result of the invention and development of the internet and technology, with real-time data now easily accessible to obtain and sharing of business information now a broad two-way process.

He, however, noted that despite the presence of abundant data, interpretation of information has become less clear today because of the overload of records. ‘We have real-time information about what is happening in our businesses, yet we cannot have real-time assistance with data.

That gives us a very different view in terms of what decision-making can achieve and we are going to have a lot to respond to as accountants because we are not comfortable with that”, he said.

Also speaking, Chairman/CEO, Phillips Consulting, Folusho Phillips, said that while making relevant decisions is important, the ability to articulate, make, and execute decisions quickly is also a key component in the decision-making process. “Yes, we’ve got to take good decisions, but once we do take a decision, it is the speed of execution that matters because it is the manner with which you execute such decision that would determine the outcome of such programme or plan. It goes beyond taking the decision at the right time; it is about implementing and making sure that you make that decision relevant. Take good decisions quickly and there is the need to execute it in time,” he said.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.