According to McKinsey, executives spend an average of almost 40% of their time on decision-making. Yet, half of senior executives surveyed by Kingsley Gate lack confidence in their company’s decision-making ability.
The contrast between decision-making responsibility and confidence presents a growth opportunity for today’s organizational leaders. They can make more efficient and effective decisions by developing strategic leadership skills.
Strategic decision-making is vital for every leader in every industry. One way current and aspiring leaders can hone these skills is by earning a Doctor of Education (EdD) and learning from both faculty and peers. Keep reading to learn five ways that completing an EdD program will advance your leadership in strategic decision-making.
Why Are Strategic Decision-Making Skills Important for Organizational Leaders?
Strategic decision-making refers to developing and implementing decisions that influence long-term organizational success. It involves many internal and external stakeholders, but organizational leaders are accountable for the outcomes.
Strategic leadership drives decision-making that helps organizations overcome challenges and leverage opportunities, driving long-term success. Strategic decision-making also affects the bottom line. According to McKinsey research, leaders who are ineffective at decision-making cost Fortune 500 companies approximately $250 million in annual pay.
Kodak is an example of a company that has struggled with strategic decision-making. Kodak achieved its peak market capitalization of $31 billion in 1997. Fifteen years later, the film photography giant filed for bankruptcy.
Contributing to the downfall of Kodak was the decision to delay investment in digital photography innovation. In 1975, Kodak invented the first-ever digital camera prototype. However, leadership decided not to take it and other emerging technologies to market to avoid threatening Kodak’s thriving film business.
When Kodak finally entered the digital photography market in the mid-1990s, companies like Canon and Sony had already captured a substantial share. Kodak declared bankruptcy in 2012 and reemerged a year later with a new focus on commercial printing. Today, it is striving to regain its market dominance.
The Kodak example shows how leaders must proactively recognize and act on growth opportunities. When strategic leadership is lacking, organizations put their long-term viability at risk.
How Can Earning an EdD Prepare You to Lead in Strategic Decision-Making?
EdD programs emphasize the practical application of leadership theory and research. They are designed to improve leadership skills so that candidates can effectively address real-world challenges.
As an EdD candidate, you will develop skills essential to making strategic decisions—from organizational analysis and problem-solving to risk management and change management. The ability to immediately apply your learning from an EdD program to practice will further equip you to make more informed and effective decisions.
1. Organizational Analysis
Earning an EdD will prepare you to lead in strategic decision-making by developing skills in organizational analysis. You will learn to uncover opportunities for greater organizational efficiency and effectiveness, identifying issues and their root causes.
Organizational analysis relies on an understanding of systems theory and leadership theory. EdD candidates learn to view organizations as the sum of interconnected parts and explore the leadership behaviors and styles that influence change across them.
By building competency in organizational analysis, you can identify areas for improvement and align your strategic decision-making with organizational needs and goals.
2. Problem-Solving
Strategic decision-making involves approaching problems and solutions from many angles. EdD programs enhance problem-solving skills so leaders can develop and implement effective solutions. You will build advanced research, communication and systems thinking skills enabling you to think critically about varied perspectives for addressing organizational issues.
Leaders make evidence-based decisions using a systematic approach to data collection and analysis. That is why EdD programs teach candidates to conduct and apply qualitative, quantitative and mixed-method research studies. Candidates also advance their communication skills to collect valuable insights. They learn techniques for engaging with diverse stakeholders and soliciting different perspectives.
Developing a systems-thinking mindset allows EdD candidates to understand the effects of their decisions. When leaders know the potential outcomes of each solution, they can decide by weighing the pros and cons.
Effective problem-solvers are strategic decision-makers. Leaders can drive progress by basing their decisions on a clear understanding of the issues, leaders can drive progress.
3. Risk Management
Strategic decision-makers know how to minimize risk while maximizing growth. What you learn in an EdD program will help you mitigate risks and identify opportunities for growth.
Risk assessment and data analysis are two relevant tools you will learn as an EdD candidate. Risk assessment identifies and assesses potential risks. By understanding the factors that can threaten organizational health, leaders can prevent and overcome them effectively. Data analysis is the collection, processing and evaluation of data, which can reveal risks and opportunities. Both tools provide valuable insights that inform strategic decision-making.
Leaders adept at risk management can make decisions that protect organizations from risks while fostering innovation. Both aims help organizations achieve resilience in the long term.
4. Change Management
The strategic decision-making process doesn’t end with the decision. Organizational leaders guide the implementation of their decisions through the process of change management. Change management ensures that organzational stakeholders and processes adapt smoothly to the chosen action.
Leaders can achieve the desired outcome of their decisions when they foster effective change implementation. As part of strategic decision-making, leaders must be able to manage organizational change. This involves strategic planning, team building and partnerships. EdD programs teach all of these skills.
You will learn how to execute decisions through strategic planning, which defines the resources, actions and desired outcomes for implementation. You will also learn about forming collaborative and resilient teams and external partnerships to implement change.
5. Practical Application
EdD programs expose candidates to real-world leaders and organizational challenges. As a result, they develop the confidence to make strategic decisions more effectively.
Faculty who are practicing leaders bring real-world insights and perspectives to EdD programs, equipping candidates with a deeper understanding of effective leadership. The inclusion of case studies and a capstone project enables candidates to translate theoretical knowledge into practice.
Plus, EdD programs designed for working professionals allow candidates to earn their degrees while continuing to work, so students can apply and refine leadership strategies and skills in real time.
Advance your Strategic Leadership with an Online EdD in Leadership from Spalding University
Strategic decision-making ensures long-term growth for organizations in every industry. Leaders who want to drive organizational success more effectively can advance their strategic leadership by earning an EdD.
Whether you work in education, business, healthcare, social services or the arts, Spalding University’s Online EdD in Leadership will empower you to drive innovative change. It is a collaborative and interdisciplinary program designed for working professionals to build advanced leadership skills.
As a student in Spalding’s online EdD in Leadership program, you will learn to innovate and create sustainable, transformational change. The program focuses on these four professional themes:
- Advanced Leadership Concepts in Practice: Evolve your leadership approach through the analysis of traditional and modern theory as well as through personal development.
- Global and Cultural Perspectives: Develop a sophisticated awareness and understanding of the cultural differences in local, national and global contexts to evolve your leadership practices.
- Organizational Innovation and Change: Use proven methods and systems thinking to facilitate innovation and influence organizational transformation.
- Research-Informed Decision-Making: Apply research-based best practices and methodologies to support impactful, data-driven decisions, as demonstrated in a final capstone project.
When you complete Spalding’s accredited online EdD in Leadership program, you will stand out as an exemplary practitioner of ethical organizational leadership, an extraordinary team builder, a systems thinker and a driver of change and innovation in a global economy.
Getting your EdD in leadership from Spalding can help you inspire change in your workplace and community. Connect with an enrollment advisor to get started.
