VUCA, which stands for Volatility, Uncertainty, Complexity, and Ambiguity, is a term that has been frequently used to describe today's business world. In this context, what should organizations do to make more effective decisions?<\/p>\n\n\n\n
A survey conducted by CIMA (the Chartered Institute of Management Accountants) and AICPA (the American Institute of Certified Public Accountants), with 300 senior leaders at large organizations from 16 countries around the world, identified the biggest barriers to making faster and more accurate decisions.<\/p>\n\n\n\n
Bureaucracy<\/em><\/strong> Lack of trust and cooperation<\/em><\/strong> Balancing short, medium and long term benefits<\/em><\/strong> Harness the power of data<\/em><\/strong> Advanced decision making skills<\/em><\/strong> Only a small number of organizations can simultaneously address all of the above challenges, known as 'Integrated Thinking Organizations'.\n\n<\/p>","protected":false},"excerpt":{"rendered":" VUCA, vi\u1ebft t\u1eaft c\u1ee7a Volatility (B\u1ea5t \u1ed5n), Uncertainty (B\u1ea5t \u0111\u1ecbnh), Complexity (Ph\u1ee9c t\u1ea1p), v\u00e0 Ambiguity (M\u01a1 h\u1ed3), l\u00e0 thu\u1eadt ng\u1eef g\u1ea7n \u0111\u00e2y th\u01b0\u1eddng xuy\u00ean \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 m\u00f4 t\u1ea3 th\u1ebf gi\u1edbi kinh doanh ng\u00e0y nay. Trong b\u1ed1i c\u1ea3nh \u0111\u00f3, c\u00e1c t\u1ed5 ch\u1ee9c c\u1ea7n l\u00e0m g\u00ec \u0111\u1ec3 c\u00f3 th\u1ec3 ra quy\u1ebft \u0111\u1ecbnh hi\u1ec7u qu\u1ea3 h\u01a1n […]<\/p>\n","protected":false},"author":3,"featured_media":941,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[44],"class_list":["post-61","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chien-luoc-kinh-doanh","tag-that-bai"],"yoast_head":"\n
According to the majority of survey respondents (29%), the biggest barrier to more effective decision-making is bureaucracy and silos. The structure of many large companies hinders their ability to coordinate and make decisions quickly enough. 42% said their company loses a competitive advantage because it makes decisions more slowly than its competitors.<\/p>\n\n\n\n
Senior leaders recognise the need to give subordinates more input into decision-making, but making this happen is not easy. Surprisingly, there is also a disconnect between leaders \u2013 43% felt that the level of trust between senior management positions needed to be improved.<\/p>\n\n\n\n
39% of the leaders surveyed believe their compensation structure helps them maintain a balance between short-, medium- and long-term benefits. 34% said they have difficulty choosing metrics to measure business performance over different time periods.<\/p>\n\n\n\n
As many as 80% respondents admitted that their organization used the wrong information to make strategic decisions at least once in the past three years. One-third (32%) of respondents said big data has made decision-making worse, not better, while only 37% said big data has helped. Additionally, 36% said their organization cannot handle information overload.<\/p>\n\n\n\n
Business leaders see their limited skills as one of the two biggest obstacles to making better decisions, with 28% admitting they need new skills to meet the demands they face today. They see the need for more innovation and support in four key areas: interpreting new data sources; learning from past results; challenging traditional thinking; and ensuring deeper collaboration with their employees.<\/p>\n\n\n\n