Lessons from Executives: Decision-Making in Turbulent Times

Crisis management is but one example, albeit an important one, of managing through turbulent times. This session’s global enterprise and public-sector leaders outlined their most important lessons with more than 300 Summit attendees. Here are five of the top takeaways they shared:

• Data alone can be insufficient to make effective decisions in a crisis. Leaders must also follow established frameworks and train people in many scenarios so they’re prepared to respond. This sounds simple, but implementing this principle presents a greater challenge.
• People often view “doing nothing” as the safest option. However, companies must evaluate the risks of inaction. The risks of inactivity can vary, but it’s always essential to avoid sugarcoating the potential downside scenarios. Team building in various scenarios can also enhance organizational resilience when a crisis strikes.
• While leaders must use data to make decisions, it is also critical to increase visibility and communication in times of stress. Increased communication ensures that everyone is informed, aligned and feels supported, which boosts morale and productivity despite the challenges.
• AI will impact every industry. However, one of the biggest challenges is having the talent necessary to capitalize on the opportunities as soon as the situation warrants it. The U.S. lacks a robust training system to provide the skills needed for the current and future job market. Accessible and affordable upskilling is critical, but companies must support educational institutions through “earn while you learn” programs. Such upskilling should extend to older demographics, ensuring they remain productive contributors while retaining the institutional knowledge necessary to make quick, informed decisions in times of turmoil.
• Technology will play a growing role in helping leaders navigate chaos more effectively. This includes government leaders. While government IT systems must be modernized and integrated to capture sufficient data, the public sector must adopt and use technology effectively.

Effective decision-making requires organizations to adapt quickly. AI systems can significantly enhance an organization’s ability to respond to risk and manage more quickly with real-time data and AI-driven insights, ultimately allowing organizations to better operate in turbulent times. As companies and governments look to adapt quickly in the current environment, it’s critical that they have the right technology, training and staff in place to seize the moment and position themselves for success.