Three ways to make an informed decision when information is scarce.
March 07, 2024
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One big challenge that leaders have when figuring out how or where their companies can grow is that a dearth of data about future problems and opportunities. In these situations, there are three techniques that leaders can employ to develop insights: look at customers and startups for signs of change, experience new technologies rather than just read about them, and practice “associative thinking,” which means connect two seemingly disparate concepts to develop a novel idea.
It’s hard to set a strategic direction in the midst of uncertainty. One persistent problem is that the data to justify a course of action only becomes clear when it’s too late to act. This problem — or information-action paradox — demands a paradoxical solution. In this case, leaders need to act when the data tells them not to.
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Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Sharpening Your Business Acumen. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Take your career to the next level by learning business and finance basics, and developing an enterprise mindset.
