Garbage In, Garbage Out?

You know the old adage, "Garbage In, Garbage Out"... Well, every time I turn around, this message is meeting me head on, leading me to consider my own speed and accuracy in information processing.

How have I been approaching decision making?  How should I approach decision making in order to avoid a GIGO type situation, particularly with the real world quickly coming up on the horizon?  I don't think real life leadership is a multiple choice exam, do you?  If it is, I'm going to need a study guide, STAT.

But in all seriousness, I started to really think about this.  Questions raced through my mind... Am I actively seeking quality input - paying attention in class, listening instead of just being ready with a response, thinking critically about the case assignments and readings?  Am I doing enough to stay current and up-to-date on real business topics and trends?  How can I possibly hope to deliver quality output through my perceptions, interactions, and decisions in the workplace & the world if I don't have all the information, all the current data?  When it's time, how can I be a great leader, or even a good leader, if I don't have all of the facts?  The world is go-go-go! How do these CMO's possibly make decisions in such a fast moving marketplace?

So, I leaned on some very insightful life gurus - Scot Safon, the Sensei of Critical Thinking, my mentor and recently, a veteran CEO - for some pretty solid advice, and here is the skinny:

Be a Life Long Learner.  
Be a Sponge of Information. 
... And Don't Expect Perfection.  Aha! And There We Are. 

Seeking critical, current knowledge about the business world and my own competitive environment (research on my target company, social media and marketing innovations, etc.) does allow me to stay informed, but how do I stay agile and relevant in a climate of constant change?  There must be some sort of a balance between speed and accuracy.  There is.  Turns out "Garbage In, Garbage Out" isn't so cut and dry.  "Garbage" is all relative.

Obviously, the ability to adapt and react quickly is key.  Responding effectively and intelligently is invaluable.  Together, we realize sometimes that means you make the best decision you can with the information you have.  Yes, we want to make well-educated, decisions, but there is a clear difference between reacting and responding.  We want to be in the middle.

Reacting too quickly and off-the-cuff leads us to making poor choices just to get the decision done; we may overlook critical information simply out of fear of missing an opportunity or  waiting too long for more information risks living in the land of diminishing returns, missing an opportunity, letting go of a competitive edge, or missing out on a fun opportunity.  The magic is in the middle.  Go with your gut.  Get as much information as you can without sacrificing too much of your favorite fleeting resource - time - and make the best decision you can.

Pondering this, I am the first to admit, I fly by the seat of my pants.  In some cases, I will make a decision just for decision-making sake, thinking I need to move on to the next thing; let's get this done.  Other times, I hem and haw over a dinner menu as though I'm selecting my last meal on earth.  For me, I indeed recognize there is a need for more of a balance between the two, giving up being reactive to instead be responsive.

What about you?  How do you balance agility with the need for speed?