Analyzing and leveraging data effectively has been an advantageous strategy in the management workflows of many contemporary organizations. In business and finance, data-informed decision workflows are nowadays essential for enabling development and growth. However, there is yet a theoretical or quantitative approach for analyzing the cost–benefit of the processes in such workflows, e.g., in determining the trade-offs between machine- and human-centric processes and quantifying biases. The aim of this work is to translate an information-theoretic concept and measure for cost–benefit analysis to a methodology that is relevant to the analysis of hybrid decision workflows in business and finance. We propose to combine an information-theoretic approach (i.e., information-theoretic cost–benefit analysis) and an engineering approach (e.g., workflow decomposition), which enables us to utilize information-theoretic measures to estimate the cost–benefit of individual processes quantitatively. We provide three case studies to demonstrate the feasibility of the proposed methodology, including (i) the use of a statistical and computational algorithm, (ii) incomplete information and humans’ soft knowledge, and (iii) cognitive biases in a committee meeting. While this is an early application of information-theoretic cost–benefit analysis to business and financial workflows, it is a significant step towards the development of a systematic, quantitative, and computer-assisted approach for optimizing data-informed decision workflows.