As we progress further into what is commonly heralded as the ‘Age of AI,’ the qualities that we uniquely possess as humans are becoming more indispensable than ever in the workplace. What are these valuable qualities that separate humans from machines? One such quality is critical thinking, which is often considered a core skill by employers and one that is highly sought-after when looking for new hires. As this article will show, critical thinking in business is not a mere passing trend, but a truly useful tool in business.
What is critical thinking?
For some of you, the term ‘critical thinking’ may have been drilled into you from a young age by parents or teachers, but what exactly does it mean? Critical thinking involves looking at a problem (or simply data or information), breaking it down into smaller parts, and then analysing and inferring those parts to arrive at an informed and well-founded conclusion.
There are a number of cognitive skills involved in critical thinking. For instance, objectivity and open-mindedness are important parts of critical thinking in business, as it’s crucial to be able to analyse information without letting prior assumptions cloud your reasoning. Another key cognitive skill that makes up critical thinking is logical thinking, which involves recognising patterns and using this as a basis for problem-solving or even predicting possible outcomes of certain decisions.
What does critical thinking in business mean?
Now that you know what critical thinking entails, you might be wondering how it can be applied to the business world. While critical thinking is a skill that all members of the workplace would find valuable in their careers, those in managerial positions with a qualification such as a Master of Business Analytics will find that their approaches to problem-solving resonate with modes of critical thinking.
Whether it’s being used for making decisions or assessing risks in the workplace, critical thinking permeates all aspects of reasoning in business. For instance, those in positions of leadership demonstrate critical thinking when they make decisions by weighing up all the potential pros and cons and then using this information to consider the best possible outcome. This is especially true in risk assessment, where one might have to rely on critical thinking to predict potential risks to one’s business based on past experience and research, and prepare mitigation plans accordingly.
How can critical thinking benefit business performance?
How many times have you seen your colleagues rush to conclusions only to result in a poor outcome that could have been easily prevented had they taken a moment to consider their options? Developing critical thinking skills is essential to avoid these kinds of hiccups in the workplace and ensure the smooth running of operations. Aside from preventing poor outcomes, critical thinking can also positively impact business performance by strengthening leadership in the workplace.
In executive and managerial positions especially, the sound reasoning and careful consideration of future consequences that comes from critical thinking in business makes for a leader that employees can look up to and trust. In turn, this opens up communication within teams as employees know that they will receive helpful guidance from their workplace leaders should they need any help.
Employees with critical thinking skills may find that they become more adaptable and ready to tackle new problems with ease. As the rapid development of AI has shown us, adaptability is crucial in the workplace to be able to respond quickly to advancements in technology. Being able to predict developments and how they may affect your business is also a trait that goes hand-in-hand with critical thinking, and facilitates adaptability in employees.
It also goes without saying that critical thinking fosters curiosity in employees, as they are encouraged to continue exploring different options to find the best solution. Curiosity is an important quality to have in the workplace as it can lead to new discoveries and innovations that can put one’s business ahead of other competitors in the market.
As this article has shown, critical thinking is a valuable skill to have in the workplace and is rapidly becoming the standard for what hiring managers are looking for in prospective employees. If you are looking to elevate your career to a position of leadership, developing your critical thinking skills is arguably the best place to begin.
