To navigate the challenges of the data-rich Information Age, the CEO and executive team require access to increasingly sophisticated critical thinking skills. University professors and Post-Ac members are professional critical thinkers and offer enormous value to the CEO’s expert network.
The sheer volume and variety of data available to today’s executive team is mind-boggling and continues to grow. It’s estimated that 463 exabytes of data will be created daily by 2025, that’s 463 billion gigabytes per day. This Information Age data explosion is creating new opportunities for leadership teams to innovate and have a faster, deeper and broader impact.
Having access to more data is a key enabler, but to have real value the data must be converted into useful information that the executive team can confidently utilise during strategic decision-making. That is, the disparate unstructured sets of data points and signals must be logically translated and organised into contextual comprehensive materials. In fact, a recent study suggests sophisticated information processing was key for societal development as far back as the Neolithic period.
As the amount of data grows, so does the need for critical thinking
Increases in the amount and range of data don’t automatically result in increases in quality information, though, because not all data is credible and relevant. As the data volume increases, so too does the need for critical thinking to identify and evaluate appropriate data sets for a specific purpose. Poor quality data and/or analysis is a recipe for producing incorrect and unsuitable information which can in turn waste time and resources, stifle progress and even create harmful outcomes.
Similarly, the decisions about how and what information is used during strategic planning also rely on critical thinking. Selecting material to be included in discussions or prioritising one piece of information over another, requires high-level reasoning and reflection. In today’s Exponential Era — a time of accelerated change — the margins of error for strategic planning are rapidly shrinking. The consequences of decisions occur faster and reach further, errors are amplified quicker and unintended negative outcomes can spread like uncontrolled wildfire with rapid deleterious effects on stakeholders and the organisation itself.
Therefore, whilst blessed with an abundance of data and potential for unprecedented impact, the CEO and executive team are challenged with ensuring that: appropriate data is collected from a multi-modal environment; translation of data into information is rational and logical; and that strategic planning is informed by fit-for-purpose materials, processes and thinking.
Continue reading the full article here.