Monday, Dec 6, 2021

Insightofassumption

The digital paradigm arises out of new knowledge, and the emerging trends reinforce the characteristics of the business such as people-centricity...

title The digital paradigm arises out of new knowledge, and the emerging trends reinforce the characteristics of the business such as people-centricity.



Digital is dynamic and uncertain, the challenges that organizations face today include the high velocity of changes, complexity, or uncertainties which could blur our vision and make the future unpredictable. The wrong direction will no doubt lead to the wrong destination. 

When trying to determine the macro environment and how the various factors influence business strategic planning and execution one way or another, it is difficult to move away entirely from assumptions. But it’s important to clear logic, update knowledge, do deep analysis, integrate the parts into the whole, in order to steer the business in the right direction and make leapfrog changes.

Assumptions should be thought of as qualified projections rather than the best guess: Nowadays the perspective of change unfolds into a wider multi-dimensionally business continuum, which would perhaps invoke further reflections of the focal scope and purpose of changes. Leaders are all facing pressure to make either strategic or operational decisions every day. The dilemma is that they might never have complete information for decision-making; and sometimes, they need to leverage their gut feeling, make assumptions if making sense, be intelligent with humility, keep the right balance of information & intuition, but be wiser to avoid the same or worst mistake if possible.

As the assumptions are wrong; the conclusions also go wrong. Assumption should be thought of as qualified projections based on reliable information or common sense, eliminating presumption or unconscious bias. It’s important to gain a contextual understanding of things or issues, read between the lines, get to know the past to a certain degree, and predict the future scientifically. Trends and models that work best to meet the business goals are needed. Corporate executives need to be intelligent with humility for setting the vision that is high enough for people to stretch up; but also practical enough for rolling it into reality. They are able to make executable strategic planning, experiment with policies that create a favorable and sustainable outcome consistently.

The good assumptions are based on multidimensional thinking and knowledge-based perception and forecasting: Organizations across industries are facing unprecedented uncertainty and complexity, nothing is certain with the rapid information/knowledge flow, you have to make assumptions or “forecasts,” in a structural way by leveraging multidimensional thought processes and interdisciplinary knowledge. Business leaders today need to see further than what all others see; understand issues from new angles, broaden their perspectives, or deepen their perception by leveraging collective insight; predict what will happen and take steps further, what they should do upon it.

Information is power. Organizations can harness the power of data to provide the business with a more fact-based vision of where to aim and how to get there. In order to make better assumptions or “forecasts,” look at the issues you need to handle from an integral perspective rather than attempting to understand it from a sum of the parts, and understand how the part influences the whole as well as how they fit as a subsystem. Forward-thinking companies leverage information- based analytics to discover patterns, provide business foresight and customer insight about upcoming opportunities or rising trends, so they can adjust their strategy accordingly to keep evolving the rapidly changing business new normal.

To mitigate risks brought by assumptions in strategic planning, it’s important to make dynamic planning: Planning in a short time and take incremental effort, allowing the acquisition of new information along the way. The emerging business trend is the constructive disruptor for broadening the current business landscape. Be flexible to deal with complexity in a structural way and improve overall manageability. It’s also important to identify external business factors and a structural process that can enable an organization to walk around the externals, supply the framing context in understanding uncertainty, and encourage smart actions with optimism.

To predict is to prepare, stepping into the unfolded future confidently. The forward-looking view is to determine what the future needs to look like and how business leaders can navigate “VUCA” new normal smoothly. Business can be only done on facts and that too objectively assessed while business vision requires forecasting or prediction to a certain degree, but the same needs to be validated at repeated intervals. Stop making wrong assumptions, and put people at the center of changes. Business transformation is worth its weight because of its high impact on optimizing organizational performance and driving the business’s long-term prosperity.

The digital paradigm arises out of new knowledge, and the emerging trends reinforce the characteristics of the business such as people-centricity. In reality, organizations all face fierce competitions and an ambiguous digital environment internally or externally. The art of assumption is to leverage gut feelings for getting some fresh insight of certain things from the future perspective; the science of assumption is to use quality data or information, as well as other cause-effect reasoning for preparing the future smoothly.




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By: Pearl Zhuhttp://www.blogger.com/profile/[email protected]
Title: Insightofassumption
Sourced From: futureofcio.blogspot.com/feeds/6449495529123975368/comments/default
Published Date: Wed, 24 Nov 2021 23:06:00 +0000

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