Lori Silverman, author of Business Storytelling for Dummies, discusses common problems in business decision-making, the importance of a methodological framework called SMARTER, the role of a Chief Decision Officer, and the power of storytelling in decision-making. Implementing the SMARTER methodology and handling challenges in decision making are also explored.
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Quick takeaways
Data should serve as a tool to support and inform decision-making, rather than being the sole focus.
Decision-making should be embedded into the DNA of organizations, integrated into daily work processes.
Storytelling is a powerful tool in decision-making, as the brain responds better to narrative stories than dry data.
Deep dives
The Importance of Shifting Focus from Data to Decision-Making
The podcast episode emphasizes the need to shift our mindset from being solely data-focused to prioritizing decision-making. The guest speaker, Laurie Silver, argues that decision-making should be the focus, and data should serve as a tool to support and inform decisions. The episode highlights the common problem of organizations being too data-driven and neglecting the importance of outcomes and decision-making processes. It highlights the need for a mindset shift in the technology industry, where decision-making is not given enough attention. Silver suggests that decision-making should be embedded at the front line of organizations, and that a robust methodology is necessary to improve decision-making.
Embedding Decision-Making into the DNA of Organizations
One of the main insights from the podcast episode is the importance of embedding decision-making into the DNA of organizations. Silver argues that decision-making should not be separate from the daily work of employees, but integrated into their work processes. The episode points out the common problem of data analytics and data science being treated as separate functions rather than integrated into the business itself. The need to map decisions to business processes and involve employees in decision-making is emphasized. Silver advocates for a shift in organizational mindset and the creation of a decision-making framework that is documented and followed by everyone.
The Power of Storytelling in Decision-Making
The podcast episode highlights the power of storytelling in decision-making and the limitations of relying solely on data. Silver emphasizes that the brain is wired to respond better to narrative stories rather than dry data. The episode reveals the importance of using storytelling as a tool of influence to increase likeability and effectively communicate insights and decisions. The need for organizations to incorporate narrative stories into their data visualizations and decision-making processes is emphasized. Silver suggests that finding the right story or stories for different stakeholder groups can lead to action and meaningful change.
Implementing a Methodological Framework for Decision-Making
The podcast episode introduces the smarter decision-making framework developed by Laurie Silver. The framework consists of seven phases: seek context, make sense of data, articulate insight, take a stand, execute decisions, reflect on results, and relay results. The episode explains that having a step-by-step methodology is crucial for improving decision-making in organizations. It is particularly valuable for high-risk and high-impact decisions that involve uncertainty and multiple teams. The podcast emphasizes the need to integrate the decision-making framework into the core of the organization and ensure alignment across functions and levels of the business.
The Importance of Seeking Context
One of the key points discussed in the podcast is the importance of seeking context before making decisions. The speaker emphasizes the need to refine the question at hand and determine the level of urgency and pain associated with the decision. By understanding the urgency and pain, decisions can be prioritized and immediate actions can be taken. Stakeholder groups, including those who own the decision, those who provide input, and those who implement the decision, should be involved upfront. The speaker highlights the common mistake of skipping this context-seeking phase, which can lead to poor decision-making outcomes.
Managing Data and Validating Insights
The podcast also delves into the significance of managing data effectively and validating insights. The speaker introduces three types of insights that can emerge from data analysis: knowledge insights, current state insights, and future state insights. Knowledge insights focus on understanding the cause and effect relationships between data points. Current state insights help identify actionable decisions that can be made immediately. Future state insights explore innovative ideas for potential future projects. The importance of integrating intuition and gut feelings as forms of data is highlighted. Additionally, the significance of considering the source of data and ensuring its validity and reliability is discussed, along with the role of storytelling in conveying insights and fostering trust.
We don’t think about every decision we make. Some decisions are easy and intuitive, others can be riddled with doubt. In a business setting, decision-making is often crucial, and with that comes pressure to ensure we’re making the right decisions in the best way possible. We can often accompany decision-making with context, providing a narrative for how we might approach a decision, citing what data and insights have had significant input into our choices. But how do we approach storytelling and decision-making to breed success? There’s probably no better person to guide us through the ins and outs of decision-making than the co-author of Business Storytelling For Dummies.
Lori L. Silverman is the owner of Partners for Progress, a management consulting firm. As a business strategist, she has consulted with organizations in fifteen industries including financial services, insurance, manufacturing and petroleum companies, government entities, and professional associations. As a keynote speaker, Lori has positively impacted the lives of thousands of people. She has appeared on over fifty radio and television shows to speak about using stories in the workplace and is the co-author of Critical SHIFT and Stories Trainers Tell.
She’s a pioneer in the business storytelling field, author of five books, and is known worldwide for her work in collaborative data-informed decision-making.
In the episode, Richie and Lori cover common problems in business decision-making, connecting decision-making to business processes, analytics and decision-making, integrating data practitioners and decision-makers, the role of data visualization and narrative storytelling, the SMARTER decision-making methodology, the importance of intuition, challenges faced when applying decision-making methodologies and much more.
