The Role of Data-Driven Decision-Making in Business Strategy             

Chantal Emmanuel Sylvestre

Faculty of Education Kampala International University Uganda

ABSTRACT

In the era of Big Data, businesses face an unprecedented volume, variety, and velocity of data. The effective use of this data is becoming crucial for strategic decision-making. This paper explores the role of data-driven decision-making (DDDM) in shaping business strategies, emphasizing the transition from intuition-based to evidence-based approaches. It examines the foundational principles of DDDM, including the significance of data quality, the integration of big data analytics, and the balance between human intuition and data insights. The paper also discusses the implementation challenges, including technological, ethical, and organizational factors, while highlighting the benefits such as enhanced operational efficiency, improved risk management, and increased innovation. Finally, it addresses future trends in DDDM, particularly the growing importance of analytics in corporate governance and strategic planning, and the implications for business strategy in a data-centric world.

Keywords: Data-Driven Decision Making (DDDM), Big Data, Business Strategy, Data Analytics, Evidence-Based Decision Making.

CITATION: Chantal Emmanuel Sylvestre. The Role of Data-Driven Decision Making in Business Strategy. Research Output Journal of Education, 2024 3(3):80-84.