Aussies’ Laid-Back Attitude Is Paralyzing Decision-Making
- By CDOTrends editors
- May 01, 2023
The number of decisions individuals make is increasing, and more data is not helping. Data overwhelms people, resulting in damaged trust, increased decision-making complexity, and a negative impact on their quality of life. Australians face a decision dilemma, not knowing what decision to make more than once every day.
New research by Oracle and author Seth Stephens-Davidowitz reveals that people worldwide struggle to make decisions in their personal and professional lives due to overwhelming amounts of data. The Decision Dilemma study was conducted with over 14,000 employees and business leaders from 17 countries, including Australia.
The report's key findings show that 99% of people want help from data in decision-making, but the explosion of data is working against them. Australians, in particular, are heavily affected, with 82% feeling so overwhelmed by data that they abandon decision-making altogether.
Stephens-Davidowitz said that people are drowning in data. The human brain is not configured to handle the vast amounts of information received daily, leading many to disregard the data and rely on their instincts. However, this can be a mistake, as the best decisions are made with a proper understanding of relevant data. Helping businesses distinguish between useful information and irrelevant noise is a crucial first step.
Australians are most overwhelmed by data
Australians recognize the importance of data in making accurate and reliable decisions, with 95% understanding that decisions should not be based on gut feelings alone. However, 93% of Australians also believe that the volume of data has made decision-making more complex in their personal and professional lives, the highest rate worldwide. This has led to a decision-making crisis in Australia, with many individuals avoiding decisions entirely. This avoidance is higher among business leaders (89%) than employees (75%).
The Oracle ANZ regional managing director Stephen Bovis said Australians are known for their laid-back "she'll be right" attitude. However, this study suggests that this attitude may stem from a lack of confidence in decision-making abilities, causing many Australians to avoid making decisions altogether.
Decision distress is causing organizational inertia. Business leaders want data to help and know it is critical to their organizations' success, but they lack the necessary tools, eroding their confidence and ability to make timely decisions. Collecting and interpreting data has pushed people to their breaking point, especially when the stakes are high for business leaders.
Bovis concluded that while Australians recognize the value of data, they need help making it work for them. The hesitancy, distrust, and lack of understanding surrounding data indicate that people and organizations must rethink their approach to data and decision-making. By connecting data to insights, decisions, and actions, Oracle can help provide insights for more confident decision-making, ultimately making people's lives easier.
Image credit: iStockphoto/Arnaud_Martinez