Four simple steps for optimal decision-making in business
From the humble flowchart to the tedious spreadsheet, there are many hacks and processes to help you make better decisions. But none are particularly effective for the data-fuelled and highly complex world we live in today.
Having worked with hundreds of customers on everything from the pandemic response in the NHS to inventory management for global manufacturers, we’ve developed a model that’s guaranteed to work for any organisation.
With Faculty Frontier, we apply a decision loop which is based on the scientific method. For three hundred years, the scientific method has been the primary engine of human progress and the mechanism through which we have built our understanding of the universe. It is the way that we understand cause and effect. And that is the key to making good business decisions, knowing the underlying cause of why things are happening in your organisation.
The methodology that powered Galileo’s lunar discoveries can now be embedded directly into your ERP, CRM and business processes, for a robust, tried-and-tested approach to better decision-making.
- First, we train models in Frontier to represent your business processes and environment so you can understand what is happening in your business and around you. Wherever useful, we look to understand cause and effect by interrogating the context in which you are operating. This is more important than ever in today’s globally connected world, where most organisations have millions of datasets to interpret and supply chains or operations spread across several territories.
- You can then robustly test the options available to you through Frontier scenario planning, to help you decide which will deliver the outcome you want. This can all be done inside our software with no real world cost to you.
- Then turn those decisions into action by integrating with the tools and processes preferred by your team. If you want, we can automate the more straightforward decisions, freeing up your time to focus on the more complex ones.
- The feedback loop observes the impact of each action on business performance, so that you can continuously improve it. Our software learns quickly and refines the level of understanding, improving your decision-making iteratively.
Technology today often promises the earth, but all too often fails to deliver. Projects are moth-balled objectives are not met. VFM is slow or sometimes non-existent. Why? Because the decision loop is broken somewhere; analysis fails to turn into action, decisions are not embedded into systems, and learnings aren’t fed back into understanding.
It is only through the rigorous application of the above that you can run a full loop, run it faster, and can drive a competitive advantage.
Meaning that you can make decisions with confidence through an easy, age-old formula, the scientific method. Updated for today’s world with the most modern of science: artificial intelligence.
Learn more about Faculty Frontier and our decision loop here.