Why You Should Enlist Third-Party Expertise When Making Big Decisions

“Are we headed in the right direction on our product roadmap?”
“Does our marketing message resonate with our potential audience?”
“Are these the features our customers really want?”

Making a smart decision about any question could determine the course of your company’s future.

This requires you to approach problems with as much objectivity as possible. You can consider solutions, sort them, test them, and arrive at the best solution for a given situation.

But objectivity is an illusion at best. Your biases are part of what makes you human.

You enter any situation or interaction with information and assumptions that could influence the questions you ask. And that can lead to answers that confirm your biases, giving you results that don’t help your organization test ideas, optimize messaging, monitor investments, or evaluate whether to enter a market.

So how do you ensure you’re coming up with solutions that are as free from bias as possible?

The Challenge of Unbiased Answers
The natural place you might be inclined to approach for objective insights is your organization’s brain trust. Your board, your managers, your go-to customer panels, your colleagues in the C-suite: This is the group you know you can depend on to offer the wise and unbiased counsel you really need.

Or is it? Your go-to team likely shares your organization’s interests. Many of them are very familiar with your organization and its products or services. They may be too close to the issues at hand to see past responses or to have the courage to argue for developing entirely new, creative solutions.

As smart as your team is, its members can be predisposed to believe that the untrodden road is the wrong road and instead guide you down the wide and well-lit path. But playing it safe can keep your organization stuck in the status quo—or worse, send your stock plummeting and your customers flocking to the competition.

Staying the course might leave you with even more intractable problems that you’re unsure how to solve.

This is why third-party expertise is so valuable.

It gives you the ability to get out of your company’s culture and mindset, escape your own biases and expectations, and learn from others to make smarter and truly objective decisions.

However, it’s important to choose the right third-party authorities for successful results.

Three Decision-Making Types
Larry E. Greiner and Robert O. Metzger’s Consulting to Management classifies three types of third-party specialists in strategic decision making:

1. The Expert. Specialists in this category have in-depth knowledge of specific areas. The Expert “brings specific knowledge or skills related to an industry or function which are otherwise unavailable,” according to a research paper by Todd Saxton, associate professor of Strategy and Entrepreneurship at Indiana University’s Kelley School of Business.

2. The Provocateur. A specialist in this role can act as a “decision counselor.” When brought into the decision-making process early, the Provocateur can “help identify critical information needs” and “ask difficult and perhaps unanticipated questions” that might challenge the status quo, Saxton writes. Additionally, the Provocateur can:
-Provide unbiased judgment
-Present a fresh approach
-Diagnose problems and evaluate solutions
-Perform tasks with technical skills
-Supplement your institutional knowledge

3. The Legitimizer. This hybrid role combines expertise and provocation. The Legitimizer can verify or build on a hypothesis the organization believes to be true, to test it and clear a strategic decision.

Whether you bring on the Expert, the Provocateur, or a combination of both with the Legitimizer, consider how these specialists can help you overcome bias.

The Five Types of Bias
Speak to experts outside your brain trust and discover the key to your decision-making process. Another key is knowing the five types of bias and how to ensure you’re asking unbiased questions.

There are five types of bias to avoid:

  • Availability bias. Humans tend to favor their most recent experiences as the most reliable, inadvertently triggering “availability bias.”
  • Anchoring. This type of bias occurs when a question includes specific statements or information that leads to answers based on that information.
  • Confirmation bias. Framing questions that result in answers confirming your opinions will keep you locked within your set of assumptions.
  • Leading questions. Your assumptions may influence questions that guide respondents toward “correct” answers.
  • Motivational bias. Because you are deeply invested in your industry, you may have some hardwired assumptions about it that may or may not be true.

Unbiased Decision Making
If you’re not trained to look for these biases, you may not be making the best decisions. That’s why it’s often best to look outside your bubble.

Companies that avoid hiring third-party specialists may be unaware of the specialists’ value, seeing their expertise not as investments but as time-consuming expenses outside their comfort zones.

But these are the very specialists who can provide unbiased, accurate data that give you the detailed information you need to grow your company and gain a competitive advantage. Can your organization afford to make its biggest decisions without them?

Find out how GLG’s network of more than 700,000 specialists can help your organization gain new insights from consultations, surveys, subject-matter experts, and more at https://glg.it.

Source link

Broncos, Dearden enlist AFL preseason help

Brisbane playmaker Tom Dearden has turned to one of the AFL’s longest kicks in Daniel Rich in an effort to turbo-charge his own boot next NRL season.

Veteran Lions defender Rich was at Broncos training on Tuesday, working with the outside backs on their catching technique while also casting his eye over the club’s kickers.

And he’s taken Dearden on as a special project, Rich admitting that he’s already seeing sharp improvement in the 19-year-old halfback’s long-distance kicking after a series of one-on-one sessions with the teenager.

Rich has made a habit of sneaking forward to kick goals from beyond 50m for the Lions and says the skills are transferable between the codes.

“I’ve done a few sessions with Tommy one-on-one and it’s been good fun,” Rich said of the initiative that was instigated by both clubs’ development coaches.

“He’s a great young man, good fella, willing to learn and take a few things on.

“I don’t want to pump myself up too much but I have (noticed improvement); he wanted to work on those longer ones and a few little tweaks make a big difference.”

The Lions have finished the regular season in second place the past two years while the Broncos notched their first wooden spoon in a horror 2020 campaign that led to Kevin Walters replacing Anthony Seibold as coach.

But Rich, a Perth native who has taken a keen interest in the rival game during 12 seasons in Brisbane, isn’t sticking the boot in.

“It’s nice to come down and spend some time with guys from different codes … I’d like to come back again,” he said.

Returning centre Dale Copley was another fresh face at Broncos training on Tuesday, back after five years away during stints at the Sydney Roosters and Gold Coast.

Copley, 29, has signed a one-year deal and said he had no intention of retiring despite a series of injuries hampering his time at the Titans.

He said the youth of the squad was the lingering first impression and that his experience should prove handy, although the up-for-grabs captaincy was a bridge too far.

“Just give me the three or four jersey and I’ll start with that,” he said.

“It (retirement) could’ve been forced on me; I didn’t have a heap of options but I was eager to play (because there’s been a) fair bit of frustration that’s gone with those injuries.

“I’ll be pointing out what I see; I’ve played a fair bit of footy, been around a few coaches ad heard different ways of explaining things, which is something they (the young players) haven’t had here.”

Source link

Royal Caribbean, Norwegian enlist former FDA commissioner Scott Gottlieb and other coronavirus experts

© 2020 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Info | Ad Choices
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html.
S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions.

Source link