Role of Assessed Business Information in Decision Making
Originally Published at iSpirit Business Solutions |Corporate Blog on 15th January 2016
A business leader with timely accessible relevant information & action capability can be as successful as any democracy with a well aligned audience. While “Time”, as a resource, is perishable, “Information”, as a resource, directly impacts longevity of time. Decision makers are keenly aware of the importance of time and information, however more often than not, both become a victim of scarcity. The scarcity of time means you need the essential information available in a user friendly format when it is really required for decision making. Scarcity of information means you do not know where you stand in absence of knowledge.
Decision making requires both, facts (Information) and logic (Rationality). A lack of either will tip the balance.
- Objective: A business decision is ideally a holistic response to an event. It is either geared to moving forward or to mitigate losses, or both. Notice that it inherently contains a duality of purpose. It seeks to accomplish the positive and alleviate the negative. This is why Research Support solutions should be able to provide objective information that takes into account the multiple aspects and nuances of the dimensions and present the most balanced approach that saves time and need for two different strategies. A battle on two fronts is hardly a good strategy when you have finite resources, after all.
- Know the Context: As stated earlier, logic is a dry mechanism unless applied within context. Universe follows a logic of its own. A business, similarly, is self-rational, focused on a logical progression from point A to point B and so on. Thus, information which is not coordinating with the nature and nuance of business is just noise. A web design firm has no use for automobile research solutions unless they’re designing a website specifically geared towards NASCAR or something similar. Likewise, an SME has no use for global scale of information if their focus is on a niche untapped regional market. The research support solutions not only focus on clarifying the context in terms of geography but also in terms of quality. Go deeper instead of wider. Have insight instead of opinion.
- Well Informed: The phrase “well informed” is often perceived as a state of “availability of a lot of information” rather than “availability of accurate and relevant information”. In specific cases the mere availability of “little” useful information may be very helpful, but we know very well that usually, it is not the case.
Decision making is cumbersome if the research output exposes new problems instead of solving the existing ones. Exploratory research may provide you with lot of significant information but you have to sift through tangents and non-sequitur to identify the information you need for your business decisions. Business research should primarily be objective and focus on refining bulk information set to evaluate relevant information and use it to identify necessary items for decision making.
- Rational: Mirriam Webster defines being rational as “having reason and/or understanding within the confines of logic”. Your business decisions aren’t necessarily answerable to the logic of the society but they are certainly responsible to apply business acumen required specifically for your business, motives and the context (for importance of context, read below). Business Information should be instantly applicable and have high utility for your requirements.
Qualitative business research is the logic builder that extends the understanding of your requirements to beyond the simple yes/no question and includes the deeper inquiry of why and what for into the information. If you have a contacts database; why these particular contacts? If you have a document describing which market to tap into, why this market in particular? Research Support is all about sharpening the impact of information by streamlining the application.
Research Support is a key factor in successful business decision making because it speeds up the process of having the needful information; wherever and whenever you need it. It solves the problem of time and information, creating a fluid, high return continuum of well assessed business decisions.
One of our primary methods to accomplish these parameters is Primary Research initiatives. The engagement with professionals, the human insight and a personal touch establishes a credibility and affability that allows a clearer picture than template questionnaire. We focus on high engagement business research methods to bring you the business information that you need.