Overcoming Cognitive Bias for Better Business Decision-Making

Paramount to the success of any business is the ability to make strategic decisions. Bad decisions will result in financial loss; the worst decisions can be fatal, even for Goliath companies.  The crux of overcoming bad decision-making is realizing what is behind those poor decisions in the first place. Understanding a pattern of deviation in judgment, known as cognitive bias, is an important first step in alleviating poor decision-making. The inqiri solution solves the issues generated by many of the common cognitive biases by removing the ability to form illogical inferences and approach a decision with a clear, concise, and systematic way. Continue reading Overcoming Cognitive Bias for Better Business Decision-Making

How to Decide Versus What to Decide: The Importance of Decision-Making in Business

The inqiri blog has spent the past two weeks talking about decision-making on the individual level. We’ve examined decision fatigue[1], a relatively new study about how the mind’s energy depletes after making too many exhaustive decisions. We’ve also looked at why some individuals are seemingly better at making decisions than others.[2] The inqiri blog now turns its focus towards decision-making in the business world. These decisions must be strategic. Without this directed thought, the consequences can have harrowing effects on the performance and success of an entire company. While this concept is seemingly straightforward, business executives by and large discount the lessons of decision-making theory. Continue reading How to Decide Versus What to Decide: The Importance of Decision-Making in Business