As consumers become increasingly demanding and the number of digital tools proliferates, CEOs are struggling to make crucial strategic decisions.
According to a new report from the artificial intelligence (AI) firm Peak, the majority of CEOs (67 percent) are suffering from decision paralysis.
Described as an “inability to make or decide on a solution or course of action usually caused by over-analyzing or overthinking a situation”, decision paralysis has become a major problem as businesses seek to bounce back after the pandemic.
For roughly two thirds of C-suite execs (64 percent), decision-making is now more complicated than ever before, and half claim it takes too long to make a decision. So long, in fact, that many big business decisions are being delayed until it’s too late.
The report also claims more than half (54 percent) of C-suite executives regretted making a major business decision.
As a root cause of decision paralysis, most respondents blame outdated processes and operations that need to be unlearned or overhauled.
Even though they are adapting, most business leaders in the UK said they’re met with obstacles along the way. The majority (67 percent) has been changing the way they make key decisions in the past five years, but said real change was “stifled by red tape”.