Implementing these steps is the foundation of creating a critical thinking culture and accelerating your decision-making process. The following three examples help answer why critical thinking is important in business: Improve communication strategies. Her mission is to make business better from the inside out. For example, an individual has to present the results of a financial quarter, and the figures show a loss. Engage with Us:  1-888-830-2928 or (206) 324-5757. Busy Executive Women Breakthrough Program, 3 Steps to Create Team Engagement with Strategic Priorities. When students choose where to go to college, for instance, they put critical thinking to use by weighing the advantages and disadvantages of the various schools they have been accepted to, factoring in relevant information such as cost and location. View all blog posts under Master of Arts in Business Communication. Too often, we don’t think things all the way through and jump into projects, and this can result in backtracking, restarting or even failures. You’re Not Going That Way. For example, if the power goes out at a restaurant and there is no emergency generator, the manager must decide not only what to do with the customers and staff but also whether and how to salvage refrigerated food. Careful critical thinking can uncover innovative solutions to address issues that come up and to boost business growth in the future. Leaders need to manage their teams’ internal communications, as well as their interactions with other teams. In fact, according to a 2016 PayScale and Future Workplace joint report, about 60% of hiring managers believe recent graduates lack problem-solving and critical-thinking skills. that explains what the topic was under review, a summary of the perspectives that were considered, and a solution that is inclusive of the final outcome. This requires patience and practice. Critical thinking is considered a soft skill. This isn’t about taking more time to make a decision. To be a successful leader, one must be able to utilize critical thinking skills. Elemental Studio. This online program teaches the tools you need to take charge in business. At the root of the problem are people taking direction, moving too fast and not asking enough clarifying questions. Hence the need for critical thinking as a way to assess and evaluate what factors are relevant in finding solutions to any problem. Given that critical thinking is important in business, professionals must make an effort to develop this soft skill. Leaders, Don’t Look Back. As an emerging trailblazer in your organization, you will have the potential to exceed expectations. Streamline product development. The sooner it reaches a decision, the sooner production can begin. Rider University’s online Master of Arts in Business Communication teaches these competencies and provides students with opportunities to hone their talents. This is about saving time later and engaging those that might be implementing what roles out. If you continue to use this site we will assume that you are happy with it. The program’s business presentation coursework equips professionals to make this kind of judgment. Recently I was included in an Up Journey article where I answered the question ‘Why is Critical Thinking Important’? 3 Steps to Improve Your Execution Strategy Now, 5 Steps to Allow Employees to Fail Safely. These are the precise areas in which critical thinking comes into play, as business leaders use this skill to make tough decisions, such as letting an employee go or issuing a press release when scandal threatens to tarnish a company’s reputation. Learn more about Rider’s program today. By using this form you agree with the storage and handling of your data by this website. With over 20 years of experience as a cross-functional leader and executive advisor, Kim has worked with Fortune 1000 companies, mid-market growth organizations, and emerging startups to cultivate a holistic understanding of sustainable success. The successful application of critical thinking often results in more efficient work processes. This is one of the many situations that may arise in a business setting that requires using critical thinking while communicating. Each group pitches a concept. For example, if a company is being bought out by a competitor, the CEO must consider how this will impact everyone, from low-level employees to investors, and determine what messages to convey to each party. And it drives me crazy. View all blog posts under Articles | If communication refers to the meaningful exchange of information in an organization, critical thinking is the engine that provides the meaning. At the root of the problem are people taking direction, moving too fast and not asking enough clarifying questions. The job market is increasingly acknowledging the importance of soft skills. Elemental Studio Site Design. Take, for example, the head of a marketing team managing nine people. Acting quickly is essential, as he or she should be the first to give the employees the news to maintain their trust. Critical thinking allows individuals to make business-influencing decisions and convey their conclusions with confidence. Why Critical Thinking Is Important: Take the Next Step. She works with companies and leaders to help them assess, align, and accelerate their strategic priorities that impact talent, execution, and business growth. For example, the aforementioned marketing team might have to work directly with the product development team to identify a product’s most notable selling points. To develop a marketing proposal for a new product, he divides his team into three groups of three. What’s more, to have an impact on business, critical thinking must be complemented by clear and confident communication (another soft skill). 2. For example, if they are sitting on the board, and the board votes on an important issue that results in a tie, they may want to speak up and present an argument for their side of the vote. Kim Bohr is the CEO of The Innovare Group, a company renowned for diagnosing and repairing organizational and leadership disconnects. Teamwork Advancement. Taking a moment to include their critical point of view also strengthens the relationship and helps them to be “seen”. and engaging those that might be implementing what roles out. The ability to identify a problem and develop a cogent explanation and solution is important for business communication. *, 1752 NW Market Street #620 Seattle, WA 98107, © 2018-2019 The Innovare Group, Inc. All Rights Reserved. Ask “Have we gained perspective from everyone that this action will affect?”. A product development role requires multiple decisions to ensure efficacy, marketability and safety. Communicating with different types of people requires defining the needs of the target audience, which demands critical thinking. So if the answer is “no”, then that’s the next step. Critical thinking entails not only acquiring information but also analyzing it to identify essential elements. Teamwork. For instance, if a company is marketing a new kitchen gadget, designing it a certain way would make it look more appealing, but that design could also make it more difficult to use. If you dream of being a leader, this degree can set you on the right path. Have we gained perspective from everyone that this action will affect. Copyright © 2020 Rider University. A course in strategic business writing provides students with the tools needed to harness their writing skills to support strategy and produce desired outcomes, such as motivating employees. It allows people to study 100% online and complete their degree in less than two years. Now that you have a clearer understanding of why critical thinking is important in business, consider honing this skill through Rider University’s online Master of Arts in Business Communication. Even professionals with business savvy likely won’t succeed if they can’t communicate their insights to senior leaders, managers or co-workers. The importance of business critical thinking skills Successful companies looking to hire workers for the future are discovering the importance of critical thinking skills in business. He may recognize that this is due to a major investment in a new work productivity tool, which is projected to increase turnover and result in a large profit next quarter.