Business executives are more anxious about big decisions at work than critical decisions at home that impact their family, according to a new study conducted by Oracle NetSuite. The new study, Unlocking Growth, which provides insights from more than 1,000 business executives in the
"There's a lot of talk about a changing economic, technological and political backdrop, but when you step back, organizations across
A Culture of Decision-Making Pressure
Executives across countries and industries are under immense pressure when making critical business decisions and as a result many are putting risk mitigation ahead of potential success.
- Most executives (78 percent) said they experience more pressure when making a big decision at work than in their personal life.
- Fears about negatively impacting revenue (40 percent), damaging personal reputation (22 percent), losing their job (17 percent), and adversely impacting co-workers (13 percent) are the top four areas executives are concerned about.
- Risk aversion is even higher amongst organizations that define themselves as high-performers - 62 percent admit they actively pursue risk-averse decisions, even in the knowledge their choice may not be as successful.
An Unhealthy Relationship with Data
Information overload, time pressure and a lack of trust in senior management is strangling the decision-making process and leading executives to default to 'gut feel' to inform their decision-making strategy.
- Almost all (94 percent) executives are overwhelmed by data during the decision-making process. Executives in
- Time pressure and more complex processes are also making decision-making harder. 27 percent of executives have had less time to focus on critical decisions in the last year and 28 percent note more people have become involved in the process, an issue that was particularly prevalent in the
- Only 19 percent - falling to 12 percent in the Nordics - of business executives noted they trust senior management when seeking decision-making guidance. Colleagues (39 percent) and industry peers (21 percent) were the most trusted.
- 41 percent of respondents expect to turn to a robot as a source of support when making critical decisions in the next year. Executives in
- 67 percent acknowledge they are not making highly data-driven decisions, with
A Positive Outlook for Growth and Message to Senior Management
Executives across countries and industries expect their organizations to grow, but highlighted the need to rethink the planning process to ensure data can be used to adjust business plans and that everyone is working towards a clear plan for success.
- 56 percent of executives expect their business to grow in the next two years. Executives from the
- Retail industry executives (33 percent) were the most confident that their organizations will exceed growth targets followed by manufacturing (27 percent), distribution (22 percent), and software and technology (29 percent). Executives in professional services (16 percent) and nonprofit organizations (11 percent) had the least confidence.
- Almost three quarters (74 percent) of executives say their organization is good at capitalizing on new opportunities, but there are serious concerns about the planning process. Only 31 percent say they are proficient at adjusting business plans based on data analysis and almost one quarter (24 percent) do not think senior management provides a clear plan for success, dropping to just 16 percent in the Nordics.
Methodology
For this study,
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