Can Corporate Leaders Improve Data Decision-Making with EXECUTIVE INFORMATION SYSTEMS

EXECUTIVE INFORMATION SYSTEMS help data driven decisions for successful Employee Management with productivity monitoring tools and automated timesheet

Data is easier to access and interpret now than it ever was thanks to ever advanced technologies. As a consequence, there is an understandable perception that today's organisational decision-making is more scientific and soundly grounded than in the past, where much action was motivated by hunches, gut feelings, and experience. Leaders must not be fooled into believing that making decisions based on evidence automatically exonerates them.

Research from Management studies in the University of Toronto show that that data and analytics CAN simply make matters worse." This is because, even with massive amounts of data and the most cutting-edge, powerful analytical methods, executives will fall into a variety of traps, especially if they use logic shortcuts to get around information overload. And Especially if the Data is convoluted and the InterFace is Difficult.

Research says that we must focus on heuristics, or simpler methods, to assist us in making choices when faced with confusing complicated systems or when resources or time are limited.

As a consequence, we believe we are making sound decisions when we are really making systemic errors. Furthermore, even with access to evidence, human brains are predisposed to following such assumptions that skew decisions without our knowledge.

Major cognitive traps consistently skew decision making, even when persuaded by the best evidence, The Confirmation Trap is a psychological trap that many people fall into when Data is presented in the wrong way.

This is what happens when we focus on observations that support our pre-existing views while ignoring other evidence and trends in the results. Confirmation bias becomes even more difficult to avoid when people are under pressure from superiors and coworkers to come up with evidence that confirms pre-existing worldview. What is our advice for coping with the situation? Don't shy away from facts that contradicts your or your boss's values. Instead, embrace it by specifying in advance the data and analytical approaches that would be used in decision-making to reduce the temptation to "cherry-pick" findings; actively seeking out findings that disprove your beliefs; and not automatically excluding findings that fall below your starting point for statistical or practical significance.

Overconfidence is a trap that many people fall into.

Senior decision-makers are more vulnerable to this, since they believe they were rewarded based on previous successes, which were themselves based on making decisions. Overconfidence, on the other hand, may exacerbate a number of other data analysis pitfalls. This can save us from challenging our processes, motivation, and how we communicate our conclusions to others, and it also makes it possible to under-invest in data analysis in the first place." This can be a highly difficult challenge to solve because, while overconfidence can prevent us from investing enough time or resources in gathering additional data or doing additional research, simply gathering more data can exacerbate the problem by which our sense of confidence. Moving from data to observations, needs quality inputs, expertise, and sound processes.

One must emphasise the relevance of procedures and give some procedural suggestions for avoiding this snare.

Describe your ideal experiment and then compare it to the actual data and see if it may be lacking; make playing devil's advocate a formal part of the process; keep track of predictions and compare them to what really happens in order to test accuracy; and make those processes a part of the decision-making routine to avoid persisting errors.

Over-Fitting is a trap that many people fall into. Luckily the solution is simple, executives need to avoid complicated data systems and focus on Executive Information systems that can help push he correct data forward easily and automatically.

When the model yields unexpected or counterintuitive predictions, you might have made an interesting new breakthrough - or it may be the product of 'over-fitting. Luckily there is a company who knows this and brings you the data managers need rather than bring executives everything under the sun as so called employee management tools.

About AutomaticAudit

Use A.I. to Automatically Audit your organisational effort & efficiency with automated project-specific timesheets. AutomaticAudit's At-a-glance Executives Dashboards map out your organisation to help Remote Employee Management, Productivity Monitoring, Timesheet automation, and more…

All whilst respecting user privacy

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