We live in an age of change and uncertainty. For businesses, this means that only the most versatile survive —innovate or die. Simply adapting to the digital age is not enough: company survival requires explorative business strategies, to find new opportunities to improve and renew products and services. To attain explorative success you need a combination of both deliberate thinking and intuitive thinking. This article explores how you can balance the two.
In this article we bridge theory and practice on organizing imagination and innovation by extracting key implications and offering new insights to innovation practitioners. This article builds on The Role of Intuition and Deliberation for Exploitation and Exploration Success by Kurt Matzler, Borislav Uzelac, and Florian Bauer and explains why intuition and deliberation jointly make for better decision-making.
Rapid developments in computing have led to an ever-increasing digitization, causing unprecedented rates of change to society. We live in an age of change and uncertainty.
The Role of Intuition and Deliberation for Exploitation and Exploration Success, examines the link between explorative and exploitative business strategies on the one hand, and intuitive and analytical deliberate thinking on the other. Its authors, Kurt Matzler, Borislav Uzelac and Florian Bauer find that:
- Intuitive and deliberate thinking are not two opposing poles of a continuum, but two intertwined modes of information processing.
- Both intuitive and deliberate decision-making are positively associated with explorative success.
To read full article about Intuition and Deliberation for Better Decision-Making visit Innovation Management.