Procurement and business professionals are continuously making critical decisions that effect their stakeholders and the organization as a whole. These decisions can be major and directly impact strategy, operations, and risk concerns. It seems obvious that decisions should be made based on quality information. To emphasize just how important, consider the following reminder:
- Optimal decision making is achieved through critical thinking
- Critical thinking is enabled by the use of quality data/information
- Quality data is as good as the quality of the resources referenced
- The more quality resources consulted, the greater the ability to connect data threads to enable optimal decision making
This cycle of decision making, critical thinking and the use of quality resources is even more relevant in the age of quick access to information and the unfortunate growing phenomenon of fake news. Regardless if decision making is being done by a human or machine, the use of quality data will always be at the core.