People in business often make decisions based on their own personal feelings or instincts. It is quite horrifying to see people being guided by some unknown force. But how wise is it, really, to let your instincts drive your decisions?
In the decision-making process, relying on instincts only makes sense when you have a vast experience to support you. Simply “feeling” that something is right or should be done is highly subjective and can drown you.
On the other hand, there is a more rational approach to making decisions. Data and analysis have long been associated with informed decisions. These reduce the likelihood of errors and increase the chances of success. Big, systematic data is mostly the foundation of most of our decisions, personal and business alike. But with its extreme usability comes a complication: what do you do if you strongly feel something should not be done, even if the data insists that it should?
This seemingly easy question is what drives the need to understand the relationship between instincts and data in the decision-making process. Without making things complicated, the solution to this dilemma is using data and instincts in conjunction to arrive at the best possible decisions.
Instinctive decisions are always backed by previous experiences or information, which acknowledges that instinctive decisions have worked in the past. Decisions are not about making the choice and braving the consequences because you want to blindly trust your instincts. They are about combining your inner wisdom with the knowledge of systematic data to make the best decisions.
Sometimes, rational analysis and data are impractical to be employed in certain situations. Absence of definitive criteria, and time and resource constraints, and novel situations are instances which limit the practicality of data. The only feasible option is to rely on what your instincts tell you. In these situations, instincts can help you make effective and quick decisions. Combining instinctive and rational analysis produces well-rounded decisions. It reduces the chances of making mistakes, and has increasingly become a favorite approach to decision- making among leaders of today.
