A recent study by a cloud platform Oracle, and a data scientist Seth Stephens-Davidowitz, has revealed that 73% of business leaders in the United Arab Emirates (UAE) are struggling to make decisions in their personal and professional lives.
According to the study, these individuals want robots to help them in decision-making as they feel overburdened and underqualified to use data effectively.
The study titled “The Decision Dilemma”, surveyed over 14,000 employees and business leaders across 17 countries, including UAE. The study found that the decision-making problem is impacting their quality of life and business performance.
Seth stated that people are overwhelmed with data on a daily basis, including internet searches, news alerts, and comments from friends. This may lead to people ignoring or discarding important information and relying solely on their instincts to make decisions, which can be a mistake, he added.
Citing different studies, Seth noted that the best decision-making is based on a proper understanding of relevant data.
The study also discovered that decision-making has increased by ten times over the last three years, leading to negative effects such as anxiety, missed opportunities, and unnecessary expenses.
The presence of too many data sources has also made it difficult for business leaders to make informed decisions, resulting in a “decision dilemma.” Despite this, 93% of business leaders have altered their decision-making process in the last three years, with only 40% listening to the sources they trust and 23% relying only on their instincts.
