Raheem Akingbolu
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 senior business leaders to achieve better decision-making in their organisations.
This was the view expressed by speakers at the inaugural edition of the CGMA Speaks Series, which held recently 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.”
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.
Noting that we are in the era of decision relevance in business, Miskin said: “We have got to think about how we make those decisions relevant, and also in terms of decisions, we have got to think about what information is really needed. The question is: ‘what is it you want to decide that changes the information you want?”
Also speaking, Chairman and Chief Executive Officer, Phillips Consulting, Folusho Phillips, stated 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 use to execute such decision that would determine the outcome of such programme or plan. It goes beyond taking the decision at the right time; it’s 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.
On her part, Deputy Managing Director, NEM Insurance, Abisola Giwa-Osagie, said the operating models in organisations, both private and public, need to be simplified in order to reduce the bureaucratic mechanism, which is an impediment in the decision-making process.
She said: “It is important for us to know that we need to simplify our operational models. Any system that has a model that is laden cannot be efficient. We need to delegate, we need to empower our people, and we need to trust the decisions that they take. That is very important.”
The Chief Investment Officer/Director, Finance & Investments, Heirs Holding Plc, Sam Nwanze, who also spoke at the event, emphasised the need for organisations to institute the right organisational culture in their workplaces to enable them to achieve their goals.