Nowadays, businesses are going through stiff competition. Many companies put their best efforts in maximizing their market shares. In this race, those companies lose, which cannot utilize their available resources judiciously. This happens because decisions are made in a hurried manner without thinking about the devastating consequences. If you are facing similar problems in making decisions, there are ways to rectify them and bring your business back to right track.
McKinsey studied more than one thousand business investments of various firms in the past. It was found that companies that were capable of eliminating cognitive biases during decision- making process, managed to raise returns by seven percentage points approximately. This example shows how avoiding cognitive bias in meetings can transform the functionality of business.