http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/?utm_source=rss&utm_medium=rss&utm_campaign=is-the-speed-of-decision-making-accelerating Opinions. Commentary. News. Sun, 12 Feb 2012 02:23:11 +0000 http://wordpress.org/?v=2.9.1 hourly 1 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-69660 The New Risk: Tight Coupling « Boundaryless Marketing by Paul Barsch Thu, 01 Apr 2010 14:10:58 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-69660 [...] the sun” shifting across various time zones. In addition, velocity is the new normal as the speed of decision making accelerates, and executives must analyze and act [...] [...] the sun” shifting across various time zones. In addition, velocity is the new normal as the speed of decision making accelerates, and executives must analyze and act [...]

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-69572 The New Risk: Tight Interconnectivity | MarketingProfs Daily Fix Blog Thu, 01 Apr 2010 08:07:53 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-69572 [...] the sun” shifting across various time zones. In addition, velocity is the new normal as the speed of decision making accelerates, and executives must analyze and act [...] [...] the sun” shifting across various time zones. In addition, velocity is the new normal as the speed of decision making accelerates, and executives must analyze and act [...]

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37487 Paul Barsch Mon, 29 Sep 2008 20:27:46 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37487 Hi Rob, not sure if you were responding to Kevin Clancy's comments or my post. You mentioned that many companies have deployed very sophisticated technologies. I'll agree to a point, but also argue you might be surprised to know how many companies are still managing their entire operations by spreadsheet and datamart. Analytics are by no means a single panacea to solving a company's problems, nor solely going to help them connect to customers better. The old saw, "people, process, technology", coupled with "strategy" still very much applies. When these four are aligned and in motion, better decision making isn't far behind. Hi Rob, not sure if you were responding to Kevin Clancy’s comments or my post.
You mentioned that many companies have deployed very sophisticated technologies. I’ll agree to a point, but also argue you might be surprised to know how many companies are still managing their entire operations by spreadsheet and datamart.
Analytics are by no means a single panacea to solving a company’s problems, nor solely going to help them connect to customers better.
The old saw, “people, process, technology”, coupled with “strategy” still very much applies. When these four are aligned and in motion, better decision making isn’t far behind.

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37486 Rob Sauchyn - Simplaris Mon, 29 Sep 2008 19:52:45 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37486 Great, well thought out and though provoking post Kevin. I agree that technology plays a significant role in this, primarily by raising the bar. Because your competitors have employed technology (everything from executive dashboards to complex analytics systems) to beat you to the punch, you're forced to evolve or die. However, I also believe that this can only extend to a point- a plateau where too much technology bogs people down and actually slows the process. And, for now anyway, a total reliance on analytics often paints a skewed picture, thereby putting you at a disadvantage. So, the most effective leaders are those who find and follow the ever-moving sweet spot. Great, well thought out and though provoking post Kevin. I agree that technology plays a significant role in this, primarily by raising the bar. Because your competitors have employed technology (everything from executive dashboards to complex analytics systems) to beat you to the punch, you’re forced to evolve or die. However, I also believe that this can only extend to a point- a plateau where too much technology bogs people down and actually slows the process. And, for now anyway, a total reliance on analytics often paints a skewed picture, thereby putting you at a disadvantage. So, the most effective leaders are those who find and follow the ever-moving sweet spot.

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37485 Paul Barsch Wed, 24 Sep 2008 17:24:10 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37485 Kevin you make some terrific points. In fact, in my 15 years of marketing experience, I see way too much time spent on individual tactics and budgeting as opposed to larger strategic issues. Most marketers seem too focused on the "what" instead of the "who"... Kevin you make some terrific points. In fact, in my 15 years of marketing experience, I see way too much time spent on individual tactics and budgeting as opposed to larger strategic issues. Most marketers seem too focused on the “what” instead of the “who”…

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37484 Kevin Clancy Wed, 24 Sep 2008 14:57:03 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37484 Point taken, Paul. I was thinking of the examples you mention as more of the tactical variety and would agree that many of those do need to be made on the spot, on the floor, in the store, in the sales call, etc. My concern is that this quick turnaround timeframe on tactics trickles back to bigger strategy deicions such as which group of buyers to target, how to position a brand, and what messages to use in the ad campaign. The targeting decision in particular is one that gets far too short shrift in companies these days--often just a five minute discussion around the conference room table--because there's this perception the decision needed to be made yesterday. Point taken, Paul. I was thinking of the examples you mention as more of the tactical variety and would agree that many of those do need to be made on the spot, on the floor, in the store, in the sales call, etc.
My concern is that this quick turnaround timeframe on tactics trickles back to bigger strategy deicions such as which group of buyers to target, how to position a brand, and what messages to use in the ad campaign. The targeting decision in particular is one that gets far too short shrift in companies these days–often just a five minute discussion around the conference room table–because there’s this perception the decision needed to be made yesterday.

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37483 Paul Barsch Tue, 23 Sep 2008 21:45:34 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37483 Kevin your comments about having a strategy struck a chord with me. It makes life so much easier when you know who you are and what you want to be. Decisions can be made rather quickly in such an environment because they highly correlate with your strategy. I will say that while many marketing decisions don't need to be made in a NY minute, the evidence is clear that decision making windows--even for marketing are shrinking. We need to decide if a customer is credit worthy on the spot. We need to know what product to offer the customer--when they call us--no guessing. We need to solve service issues when they arise--heck even better-- before they happen. We need to offer customers a better experience on premises, not the promise to do so in a later marketing campaign. These are just a few examples where having the right analytical infrastructure can help us better serve our customers. We're definitely moving to a "now" economy. Kevin your comments about having a strategy struck a chord with me. It makes life so much easier when you know who you are and what you want to be. Decisions can be made rather quickly in such an environment because they highly correlate with your strategy.
I will say that while many marketing decisions don’t need to be made in a NY minute, the evidence is clear that decision making windows–even for marketing are shrinking. We need to decide if a customer is credit worthy on the spot. We need to know what product to offer the customer–when they call us–no guessing. We need to solve service issues when they arise–heck even better– before they happen. We need to offer customers a better experience on premises, not the promise to do so in a later marketing campaign.
These are just a few examples where having the right analytical infrastructure can help us better serve our customers. We’re definitely moving to a “now” economy.

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37482 Paul Barsch Tue, 23 Sep 2008 21:29:38 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37482 NW Guy, thank you for taking the time to post a comment. Your point about being prepared is very important, however there are some scenarios that one cannot be prepared for in their entirety. We can scenario plan, but that generally only works out for 3-5 scenarios, none of which will fit perfectly with our particular instance. Sometimes, we may encounter a situation as an outlier --something from left field--way left field. It's in those times that, as you say, it helps to know your business and your numbers. Even more importantly, you need to know who you are as a person and/or company so as to align decisions with either your "as is" or "to be" state. When you cannot predict, then you need to be as prepared as you can be. We do control our destinies via the choices we make! NW Guy, thank you for taking the time to post a comment.
Your point about being prepared is very important, however there are some scenarios that one cannot be prepared for in their entirety. We can scenario plan, but that generally only works out for 3-5 scenarios, none of which will fit perfectly with our particular instance.
Sometimes, we may encounter a situation as an outlier –something from left field–way left field. It’s in those times that, as you say, it helps to know your business and your numbers. Even more importantly, you need to know who you are as a person and/or company so as to align decisions with either your “as is” or “to be” state.
When you cannot predict, then you need to be as prepared as you can be. We do control our destinies via the choices we make!

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37481 Kevin Clancy Tue, 23 Sep 2008 21:14:09 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37481 Paul, Some good discussion here. One thing's for sure--there's already a whole lotta gut decision-making going on and this perception that things are speeding up even more will certainly offer a ready excuse to do more of it. I do have to chime in here that while it's true that there are many kinds of decisions that need to have instant, tactical responses, MOST marketing decisions DO NOT need to be made in a New York minute. In fact, I think it's safe to say companies tend to waste MORE time and resources when they make quick decisions, having to back track, start over, again and again and again until maybe--MAYBE--they get it right. It would have been far more effective and LESS time- and resource-consuming if they'd just taken some more time to get it right in the first place. The best thing a company can do in a faster-paced, unstable business environment is to get a solid strategy in place. And by "solid" I mean one grounded in data and balanced with judgement and experience. With a strategy in place, there's a strong base from which to make quick, tactical decisions--it actually makes a company more nimble and able to adapt. Paul,
Some good discussion here.
One thing’s for sure–there’s already a whole lotta gut decision-making going on and this perception that things are speeding up even more will certainly offer a ready excuse to do more of it.
I do have to chime in here that while it’s true that there are many kinds of decisions that need to have instant, tactical responses, MOST marketing decisions DO NOT need to be made in a New York minute.
In fact, I think it’s safe to say companies tend to waste MORE time and resources when they make quick decisions, having to back track, start over, again and again and again until maybe–MAYBE–they get it right. It would have been far more effective and LESS time- and resource-consuming if they’d just taken some more time to get it right in the first place.
The best thing a company can do in a faster-paced, unstable business environment is to get a solid strategy in place. And by “solid” I mean one grounded in data and balanced with judgement and experience. With a strategy in place, there’s a strong base from which to make quick, tactical decisions–it actually makes a company more nimble and able to adapt.

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37480 Paul Barsch Tue, 23 Sep 2008 20:52:01 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37480 Claire, I love your comment on "nowhere to hide." Many managers have in the past made a living based on not making decisions. For many this is a tactic for survival as making decisions means that you have to step out and take risks. But as you rightly point out, decisions will need to be made and faster than ever. If as a manager, I'm going to take risks, I need understand the scenarios in which I can succeed or fail and the implications of my decisions. I'll need the facts, advice of my peers, and then use my experience and -yes- my gut to make a call. Claire, I love your comment on “nowhere to hide.”
Many managers have in the past made a living based on not making decisions. For many this is a tactic for survival as making decisions means that you have to step out and take risks. But as you rightly point out, decisions will need to be made and faster than ever. If as a manager, I’m going to take risks, I need understand the scenarios in which I can succeed or fail and the implications of my decisions. I’ll need the facts, advice of my peers, and then use my experience and -yes- my gut to make a call.

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37479 NWGuy Tue, 23 Sep 2008 20:01:56 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37479 Paul, Great post; yes this does have large implications. The smaller decision window means that you must continuously be prepared to make a decision. This implies continuous strategic planning, and "knowing the numbers". The numbers game becomes more difficult because you must understand WHAT numbers impact your business rather than just gathering statistics. This will be an iterative process; as business progresses the measurements may change. If you're unprepared it is better to pass on the opportunity than to assume the risk. That in itself is a strategy; control your own destiny and not let the time pressure force your hand. Paul,
Great post; yes this does have large implications. The smaller decision window means that you must continuously be prepared to make a decision. This implies continuous strategic planning, and “knowing the numbers”.
The numbers game becomes more difficult because you must understand WHAT numbers impact your business rather than just gathering statistics. This will be an iterative process; as business progresses the measurements may change.
If you’re unprepared it is better to pass on the opportunity than to assume the risk. That in itself is a strategy; control your own destiny and not let the time pressure force your hand.

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37478 Claire Ratushny Tue, 23 Sep 2008 18:20:38 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37478 Good post, Paul. As you point out, the speed with which more reliable data is being produced as well as the complexities of a global marketplace, necessitate faster and faster decision making. It strikes me that managers at every level, including marketers, won't be able to endlessly deliberate and shelf making tough decisions. There really isn't anywhere to hide anymore. Complacency, ineptitude and indecisiveness have no place in today's business environment--if we want to stay in business, that is. This will require stamina and the occasional gut check, though. Some decisions, no matter how compelling the data for making them, are still very difficult to make and might lead to a few failures. Not for the faint of heart, is it? Good post, Paul. As you point out, the speed with which more reliable data is being produced as well as the complexities of a global marketplace, necessitate faster and faster decision making. It strikes me that managers at every level, including marketers, won’t be able to endlessly deliberate and shelf making tough decisions. There really isn’t anywhere to hide anymore. Complacency, ineptitude and indecisiveness have no place in today’s business environment–if we want to stay in business, that is. This will require stamina and the occasional gut check, though. Some decisions, no matter how compelling the data for making them, are still very difficult to make and might lead to a few failures. Not for the faint of heart, is it?

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37477 Paul Barsch Tue, 23 Sep 2008 15:30:17 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37477 Lewis and Ted, thank you for adding your comments to this post. Your insights are always appreciated. Regarding the financial markets, surely excesses and the push for "more" played a large part in the mess. That said, there are way too many variables in the equation to pin the mess on greed alone. What I continue to find interesting about the financial marketplace, and many other industries is how interconnected industries, economies and even individuals are becoming. It is because of this coupling - this interconnectedness- that decision making windows are closing faster than ever. Things are spinning fast. Markets move quickly, customer perceptions change rapidly based on the onslaught of up-to-the minute information. I believe that there is more volatility (beta) than ever before. For marketers, this means we must be able to react quickly to these changes and have the most current and accurate data available for analysis so that we can make better decisions and capitalize on change. We must constantly be refining and tweaking our models and the assumptions that they're based upon. This isn't a "nice to have" - it's a necessity. Lewis and Ted, thank you for adding your comments to this post. Your insights are always appreciated.
Regarding the financial markets, surely excesses and the push for “more” played a large part in the mess. That said, there are way too many variables in the equation to pin the mess on greed alone.
What I continue to find interesting about the financial marketplace, and many other industries is how interconnected industries, economies and even individuals are becoming. It is because of this coupling – this interconnectedness- that decision making windows are closing faster than ever.
Things are spinning fast. Markets move quickly, customer perceptions change rapidly based on the onslaught of up-to-the minute information. I believe that there is more volatility (beta) than ever before.
For marketers, this means we must be able to react quickly to these changes and have the most current and accurate data available for analysis so that we can make better decisions and capitalize on change. We must constantly be refining and tweaking our models and the assumptions that they’re based upon. This isn’t a “nice to have” – it’s a necessity.

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37476 Ted Mininni Tue, 23 Sep 2008 15:01:13 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37476 Paul, Lewis is right. Financial giants all have sophisticated data-gathering systems, and yet human beings chose to make poor decisions motivated by greed. Was data properly assimilated or even fully understood, is my question. . . Quick decisions motivated by the speed in which things were happening in the marketplace, and the potential opportunities for windfalls have led to a catastophe in the entire financial sector, haven't they? Some quick decisions might lead to success and a decided advantage while others can lead to disaster. Paul,
Lewis is right. Financial giants all have sophisticated data-gathering systems, and yet human beings chose to make poor decisions motivated by greed. Was data properly assimilated or even fully understood, is my question. . .
Quick decisions motivated by the speed in which things were happening in the marketplace, and the potential opportunities for windfalls have led to a catastophe in the entire financial sector, haven’t they? Some quick decisions might lead to success and a decided advantage while others can lead to disaster.

]]> http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/comment-page-1/#comment-37475 Lewis Green Tue, 23 Sep 2008 14:38:09 +0000 http://www.mpdailyfix.com/is-the-speed-of-decision-making-accelerating/#comment-37475 Paul, I fear you are correct. In place of thoughtful, well-planned and carefully contructed stategic decision-making, we have greed determining our business moves. The result: Short-term profits and a revenue growth chart that looks like the snow-packed and steeply uneven peaks of the Rocky Mountains. Paul,
I fear you are correct. In place of thoughtful, well-planned and carefully contructed stategic decision-making, we have greed determining our business moves. The result: Short-term profits and a revenue growth chart that looks like the snow-packed and steeply uneven peaks of the Rocky Mountains.

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