International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Data-Driven Decision Making: How Organizations Use Analytics to Transform their Strategies

Author(s) Manoj Kumar
Country USA
Abstract The organizations now change their working strategy, switching from experience-based decisions to evidence-based decisions, depending on data analytics tools to lead their choices. Businesses and governments today rely more on real-time data rather than any assumptions to decide on definite action. This, in turn, assists these organizations in enhancing their efficiency, diminishing risks, and facilitating quicker adaptability to changes in the market, customer needs, or regulations. Predictive analytics, machine learning, big data systems-these tools supply organizations with useful insights from large volumes of data that enable them to make more correct and effective decisions, and it allows companies to model varied outcomes, improves risk management, and develops personalized customer experiences. Data analytics can support the government in planning, resource management, and delivery of better public services, hence making transparent and accountable decisions. In other words, for organizations to remain competitive and responsive in today's rich data environment there is an increasing need for data-driven strategies.
Keywords Data-driven decision-making, data analytic tools, big data, efficiency, diminishing risks, Predictive analytics, machine learning, business intelligence, risk management, data skills, real-time data, digital change.
Published In Volume 1, Issue 2, September-October 2019
Published On 2019-09-24
Cite This Data-Driven Decision Making: How Organizations Use Analytics to Transform their Strategies - Manoj Kumar - IJFMR Volume 1, Issue 2, September-October 2019. DOI 10.36948/ijfmr.2019.v01i02.20554
DOI https://doi.org/10.36948/ijfmr.2019.v01i02.20554
Short DOI https://doi.org/g82jbv
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