Management stakeholders outline elements critical in effective decision-making

by | March 25, 2017 1:00 am

… want CEOs to enthrone trust, transparency in workplace

Top-flight executives and discussants that spoke at the Chartered Global Management Accountants forum in Lagos on ‘Future of Executive Decision Making’ have outlined elements critical in effective decision making in the present dynamic environment enhanced by technology.
The forum, which had Andrew Miskin, president, Chartered Institute of Management Accountants (CIMA); Foluso Phillips, executive chairman, Phillips Consultants; Sam Nwanze, chief investment officer/director finance and investments, Heirs Holding plc, and Abisola Giwa-Osagie, deputy managing director, NEM Insurance, as panellists, noted that decision-making was a very sensitive issue, especially in this fast paced world.
They therefore noted that managers in marketing, management, finance and across board need to be knowledgeable enough with the environment and guided by data and proper evidence to be able to take the rights decisions.
At the forum moderated by Paul Anyim, associate partner at Phillip Consulting, it was strongly believed that if data was not right the decisions would likely be faulty, and “what this suggests is that managers need to implement solutions, softwares and systems to get the right data for effective decisions making.”
In his comment, Sam Nwanze, who identifies culture as another element that plays out in decision-making, observed that culture and trust had impact on how organisations were perceived or functions. If there is unwritten culture of god-fatherism in any organisation it will definitely destroy that organisation, he said.
He said in Heirs Holdings, managers were encouraged to be innovative and challenge processes without facing victimisation.
It was noted that managers should lead the path they want others to follow. “If the followers do not see good examples in the managers, it is difficult for them to do otherwise. Anyim said if managers create a culture that people working with them would support in making good decisions that makes a lot of sense.
“When you create fear when people make slight mistakes that they are either fired or maltreated, or disciplined harshly, then people would not make decisions. If you don’t make decisions, that is decision on itself.
“If CEOs must create an environment that must facilitate decsision making they must encourage trust and they must set example. The CEOs must allow subordinates to challenge the process, ask questions without having to worry”.
Folusho Phillips also agreed with appropriate culture, transparency and trust across layers of officers in any organizations to enhance decision making. He also observed that sometimes managers take decisions but the speed of implementation becomes a challenge.
“It is good to take decisions at the right time but to make that decision relevant, implementation is important”, he said.
It was also raised that sometimes bureaucracy impacts negatively on decision making, but Folusho Phillips enlightened that government  and organizations really have ways of doing things but it is important for every worker to have common understanding of roles to improve the organization. “Each worker needs to have thorough understanding of what is expected of him/her”.
Addressing bureaucracy, Andrew Misken who had earlier noted technology and speed at which things are changing are guiding principles in decision making, said bureaucracy is inevitable as human beings really  need certain degree of structure, but cautioned that people need to align with it for development intead of being a clog.
He also said that trust is destroyed when managers blame others and always take credit.
In her comment, Abisola Giwa-Osagie advised organization to identify skills set among managers, allow them to make mistakes on their way to creating innovations.
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