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How effectively a company makes and executes decisions correlates consistently to its financial performance. This year, decision-making has only become more important as companies grapple with coronavirus and massive economic disruption. Generally in times of crises and upheaval, decision-making must accelerate and become more here. To do that, companies Decision Making give up typical processes in favor of informal and improvised approaches. The digital transformation of business was well underway before Decision Making, but the arrival of the virus has accelerated the use of many digital tools.

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This includes everything from Zoom conferencing software to collaboration boards like Miro. In decision-making, getting the right information to the right people at the right time is critical, and here digital program-management tools have become indispensable to any effort to Makingg Decision Making change. These tools facilitate ready access to meaningful data that helps companies identify potential roadblocks and elevate problems to the people who can best interpret the data and solve those Decision Making quickly. Since corporate strategies are the amalgamation of many connected decisions, the better informed each decision is, the better chance the strategy will succeed. Zoom lowers the barriers to connecting effectively with, for example, an in-house procurement expert who sits on the other side of the world.

Creative partnerships with outside resources and talent, such as social influencers, are also being embraced like never before.

For example, when a global food company found itself launching a new breakfast option into the world of Covid, in lieu of classic approaches like sampling in stores and at events, it worked in partnership with online social influencers who hosted Decision Making in-home sampling sessions with kits provided by the company. Data from this campaign pointed it to one particular audience: busy moms.

The art of good decision-making involves balancing the authority of the executive team with that of line and functional leaders. The idea is to be sure the Decision Making has the authority to act in situations where they can bring the most value while the executive team focuses on establishing the right strategic priorities and issues. With Covid forcing many companies to adjust quickly to a new operating environment, companies that consistently tackle decisions at the Decision Making level Decision Making been especially effective at keeping everyday operations on track while top executives focus on longer-term strategy.

Any organization looking to speed and improve decision-making can start by reflecting on their own Covid experience:. Leveraging data-tracking tools, tapping all available expertise, and ensuring that decisions are in the hands of those in the best position to make them will help companies harness this recent disruption and make something positive of it. I write about and consult on business transformation, corporate leadership and change management. I advise companies on all aspects of this process—from structuring, orchestrating and enabling the change, to energizing the transformation and helping senior teams lead these challenging efforts.

Over the years, I have worked across the globe with Decision Making in numerous industries on a broad range of topics. You can read more of my writing and that of my Bain colleagues on our Managing Change blog. This is a BETA experience. Edit Story. Oct Decisiln,am EDT.]