Run your business smarter
The 4 key elements for quick, compliant and precise decision-making
Think about the hundreds of decisions you make everyday as a manager.
How do you inform these decisions?
How much time do you spend making decisions?
How do you know you’re making the right decisions?
And, are you certain you’re making the best decisions?
A decision can be simple and straightforward or complicated and tricky. Whereas well-executed and informed decisions can lead to success, those that are poorly thought-out and clumsily administered can point to lost opportunities. Reaching decisions can take a lot of time and might mean making trade-offs between the right decision and a hurried decision. Decision-making, with its own set of morphing unknowns and evolving parameters, is a day-to-day challenge for managers. How can order be brought to all this variability?
A framework for the decision-making process
Think of decision-making as a process and not just a single event. A process that revolves around static elements but also, continually changing elements. It’s a series of moving targets.
- Is the company growing? If so, should we make a quick decision to scale-up to take advantage of time sensitive opportunities?
- Or, is the business going through a downturn? Do we need to make the difficult decision to scale back and re-evaluate costs or company policies?
In either situation, having in place a flexible and agile decision-making process is crucial to maneuvering a company through these different cycles. Managers who recognize decision-making as a process will seek the best tools to help them make the right decisions at the right time.
Standardize the simple, customize the complicated, automate the workflow
In our 10 years providing solutions for multinational businesses, Hamilton has come to understand what automated solutions its customers need to simplify everyday decision-making. Simply speaking, we rely on our years of experience with large, demanding global organizations to provide companies with ready-to-use solutions that streamline and optimize the decision-making process.
How do we do this? First, we use industry best practices to standardize a part of the decision-making process. Then, we take into account company specificities requiring established parameters to customize the rest. Thus, we give managers the tools to make the right decisions quickly, accurately and, most importantly, in a compliant way.
By knowing what type of information is needed to make informed and correct day-to-day decisions, we are then able to automate the workflow. This knowledge-based automated decision-making gives managers the ability to confidently delegate certain decision steps and optimize the workflow, all the while taking into account constant changes to the business environment.
Rules, Information, Timing, Options
Our day-to-day decision-making solutions have been developed to help companies run their operations smoothly and efficiently. Hamilton bases all its solutions on 4 key elements to deliver quick, compliant and precise decision-making tools:
Rules – A company is obligated to follow rules that are shaped both by internal and external policies and procedures that can change from one day to the next. Rules are also defined by the role of the decision-maker in each step of the decision-making process: who does what, who decides what and in what order? It can be a challenge to reconcile the two when companies are faced with continually changing legislation and compliancy requirements combined with unstable business environments. Hamilton understands that knowing the rules and correctly implementing them is the backbone of the decision-making process.
Information – With all the data readily available to managers today, it’s often difficult to know exactly what information is actually necessary to make decisions. Whether it’s best practices, statistics, industry trends or past supplier information, at each step a manager needs access to different information. Hamilton provides precisely the right information at the right step in the decision-making process.
Timing – The ability to respect deadlines and make timely decisions within the framework of an automated workflow is critical to remaining agile. However, different processes will have different time parameters to consider. Hamilton assures that the right workflow is in place not only to optimize but also to shorten the decision-making process
Options – In today’s fast moving and evolving business world, a decision should lead to immediate action. At each step in the decision-making process managers need to know what are his different options. Hamilton gives managers the choice of the most suitable options based on provided information and compliance constraints.
What sets high performing companies apart from the rest is quality, speed and execution of decision-making. Hamilton believes that all companies should have access to the necessary tools that add order to normally complicated decision-making processes. Because, a manager’s time is better spent gaining the competitive advantage.