The Nobel Prize winner in Economics, and one of the personalities who has contributed the most to the field of decision-making, participated in Tandem’s 15th anniversary event. We remember the interview and his perspective on the role of artificial intelligence in the decision-making processes of companies.
When organizations collaborate in an appropriate manner, they not only achieve better financial results. They also create a better work environment. But how can we determine if they are doing it correctly? In this article, we present 4 levers that organizations can activate to design an efficient and impactful collaboration framework.
A consumer goods company invited us to think together how to optimize their decisions, using the great information and reports they had available, but that were rarely analyzed. We worked together to optimize their business decisions through the development of a Real-Time Decision Data that only contained the information necessary to better understand the key variables.
Decisions in companies are made by many people, they follow very different methods and dissimilar results are obtained. Sometimes, there are even decisions that are never questioned since, “they have always been made that way”. This is why we often help companies “put science” into decisions and leverage data and technology to ensure that each one is made in the best possible cost/benefit manner.
In a consumer goods company, we optimized top-line decisions (price, discounts, promotions) by ensuring an optimal and homogeneous approach among all the people who make similar decisions in different product categories/channels/geographies, with surprising results.
A private oil and gas company in Latin America invited us to analyze and rethink its strategic exploration and production plan in order to identify development alternatives that would accelerate its growth. Through working together with the client’s leadership team and with expert technical professionals, we were able to develop a strategy with a higher expected value in the incorporation of reserves and production levels. To achieve this result, the analysis of uncertainties without biases, as well as solid and reliable information in the characterization and evaluation of portfolio alternatives was essential.
Organizational agility has ceased to be an option and has become a requirement. Among the different elements that make up agility, dynamism of processes and routines is essential to be able to make the right decisions at the right time. How to ensure these routines contribute to good decision making? How can executives focus on what adds the most value to the business, leaving aside those issues that only distract them from the focus?
Technology is a powerful ally when it comes to improving decision-making processes. The key is to define which decisions should be optimized through digitization, based on their impact on the business and their optimization potential. What questions do we need to ask ourselves to focus on the right decisions and maximize their value? What are the steps to follow in the decision optimization process?
