The Role of Big Data Analytics in Decision Making and Strategy Formulation

 Asogwa James Ifeanyi

Faculty of Business and Management Kampala International University Uganda

ABSTRACT

In an era marked by rapid societal and business changes, leveraging big data analytics has become crucial for effective decision-making and strategy formulation. This essay explores the multifaceted aspects of big data, including its definition, origins, potential beneficiaries, and the ways it aids decision-makers. It also examines the challenges and threats associated with big data analytics and anticipates future trends in this field. Through detailed discussions on applications in marketing, operations, supply chain management, finance, and risk management, the essay highlights how big data analytics enhances awareness, problem understanding, and strategic adjustments.

Keywords: Big data analytics, decision-making, strategy formulation, marketing insights, supply chain management.

CITATION: Asogwa James Ifeanyi. The Role of Big Data Analytics in Decision Making and Strategy Formulation. Research Output Journal of Arts and Management, 2024 3(2):50-54.