Having an organized, clearly-defined process for decision-making is necessary for any executive. However, our individual cognitive biases play a role in our decision making. A CFO by focusing on financial information, and can help decision makers avoid cognitive biases. By building a decision process that includes other trusted opinions and perspectives, one can increase the chance that logic and fact-based strategy will prevail over personal bias – intentional or otherwise.
“What people spend a lot less time thinking about are the interpersonal interactions—the pro-cesses of debate—that ensure high-quality decision making. And that is where the synergy lies for CFOs: if you already own the technical processes, you can build on them to improve the quality of debate, for instance by adjusting the agenda, attendees, and protocols of key decision meetings.”
– Oliver Sibony