Data-Driven Decision Making for Long-Term Business Success

2023-12-21

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Author: Singh, Sonia
Publisher: IGI Global
ISBN:
Category : Business & Economics
Languages : en
Pages : 515

In today's academic environment, the challenge of ensuring lasting commercial and economic success for organizations has become more daunting than ever before. The relentless surge in data-driven decision-making, based on innovative technologies such as blockchain, IoT, and AI, has created a digital frontier filled with complexity. Maintaining a healthy firm that can continually provide innovative products and services to the public while fueling economic growth has become a formidable puzzle. Moreover, this digital transformation has ushered in new risks, from pervasive cybersecurity threats to the ethical challenges surrounding artificial intelligence. In this evolving landscape, academic scholars face the pressing challenge of deciphering the path to long-term organizational prosperity in an era dominated by data. Data-Driven Decision Making for Long-Term Business Success serves as guidance and insights amidst this academic challenge. It is the definitive solution for scholars seeking to uncover the complexities of data-driven decision-making and its profound impact on organizational success. Each meticulously curated chapter delves into a specific facet of this transformative journey, from the implications of modern technologies and pricing optimization to the ethics underpinning data-driven strategies and the metaverse's influence on decision-making.

Big Data for Big Decisions

2022-12-30

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Author: Krishna Pera
Publisher: CRC Press
ISBN: 1000816966
Category : Business & Economics
Languages : en
Pages : 282

Building a data-driven organization (DDO) is an enterprise-wide initiative that may consume and lock up resources for the long term. Understandably, any organization considering such an initiative would insist on a roadmap and business case to be prepared and evaluated prior to approval. This book presents a step-by-step methodology in order to create a roadmap and business case, and provides a narration of the constraints and experiences of managers who have attempted the setting up of DDOs. The emphasis is on the big decisions – the key decisions that influence 90% of business outcomes – starting from decision first and reengineering the data to the decisions process-chain and data governance, so as to ensure the right data are available at the right time, every time. Investing in artificial intelligence and data-driven decision making are now being considered a survival necessity for organizations to stay competitive. While every enterprise aspires to become 100% data-driven and every Chief Information Officer (CIO) has a budget, Gartner estimates over 80% of all analytics projects fail to deliver intended value. Most CIOs think a data-driven organization is a distant dream, especially while they are still struggling to explain the value from analytics. They know a few isolated successes, or a one-time leveraging of big data for decision making does not make an organization data-driven. As of now, there is no precise definition for data-driven organization or what qualifies an organization to call itself data-driven. Given the hype in the market for big data, analytics and AI, every CIO has a budget for analytics, but very little clarity on where to begin or how to choose and prioritize the analytics projects. Most end up investing in a visualization platform like Tableau or QlikView, which in essence is an improved version of their BI dashboard that the organization had invested into not too long ago. The most important stakeholders, the decision-makers, are rarely kept in the loop while choosing analytics projects. This book provides a fail-safe methodology for assured success in deriving intended value from investments into analytics. It is a practitioners’ handbook for creating a step-by-step transformational roadmap prioritizing the big data for the big decisions, the 10% of decisions that influence 90% of business outcomes, and delivering material improvements in the quality of decisions, as well as measurable value from analytics investments. The acid test for a data-driven organization is when all the big decisions, especially top-level strategic decisions, are taken based on data and not on the collective gut feeling of the decision makers in the organization.

Data-Driven Intelligent Business Sustainability

2023-12-05

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Author: Singh, Sonia
Publisher: IGI Global
ISBN:
Category : Computers
Languages : en
Pages : 521

Data-driven decision making is crucial for ensuring the long-term sustainability of businesses and economic growth. While rapid technological advancements have enabled the collection and analysis of data on an unprecedented scale, businesses face challenges in adopting evidence-based decision making. Data-Driven Intelligent Business Sustainability is a comprehensive guide that examines the challenges and opportunities presented by data-driven decision making. It covers new technologies like blockchain, IoT, and AI, explores their potential for sustainable business success, and provides guidance on managing cybersecurity threats. The book also includes case studies and examples of successful implementations of data-driven decision making, making it a practical resource for those seeking to upskill or reskill in this field. Targeted at computer science and engineering professionals, researchers, and students, the book provides valuable insights into the role of data-driven decision making in business sustainability, helping businesses achieve long-term success.

Business Analytics, Volume I

2018-08-23

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Author: Amar Sahay
Publisher:
ISBN: 9781637423264
Category : Business & Economics
Languages : en
Pages : 0

This book deals with Business Analytics (BA) - an emerging area in modern business decision making. Business analytics is a data driven decision making approach that uses statistical and quantitative analysis along with data mining, management science, and fact-based data to measure past business performance to guide an organization in business planning and effective decision making. Business Analytics tools are also used to predict future business outcomes with the help of forecasting and predictive modeling.In this age of technology, massive amount of data are collected by companies. Successful companies use their data as an asset and use them for competitive advantage. Business Analytics is helping businesses in making informed business decisions and automating and optimizing business processes.Successful business analytics depends on the quality of data. Skilled analysts, who understand the technologies and their business, use business analytics tools as an organizational commitment to data-driven decision making.

Data Driven

2008-09-22

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Author: Thomas C. Redman
Publisher: Harvard Business Press
ISBN: 1422163644
Category : Business & Economics
Languages : en
Pages : 257

Your company's data has the potential to add enormous value to every facet of the organization -- from marketing and new product development to strategy to financial management. Yet if your company is like most, it's not using its data to create strategic advantage. Data sits around unused -- or incorrect data fouls up operations and decision making. In Data Driven, Thomas Redman, the "Data Doc," shows how to leverage and deploy data to sharpen your company's competitive edge and enhance its profitability. The author reveals: · The special properties that make data such a powerful asset · The hidden costs of flawed, outdated, or otherwise poor-quality data · How to improve data quality for competitive advantage · Strategies for exploiting your data to make better business decisions · The many ways to bring data to market · Ideas for dealing with political struggles over data and concerns about privacy rights Your company's data is a key business asset, and you need to manage it aggressively and professionally. Whether you're a top executive, an aspiring leader, or a product-line manager, this eye-opening book provides the tools and thinking you need to do that.

Profitable Web Ventures: A Comprehensive Guide to Internet Business Success

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Author: Shu Chen Hou
Publisher: KOKOSHUNGSAN®
ISBN:
Category : Business & Economics
Languages : en
Pages : 122

Are you ready to take your online business to the next level and achieve financial success? Look no further than "Profitable Web Ventures: A Comprehensive Guide to Internet Business Success." This ebook is your ultimate guide to starting, growing, and scaling a profitable online business. With practical tips and strategies, you'll learn how to create a solid business plan, conduct market research, build a strong online presence, and leverage metrics for success. But that's not all. "Profitable Web Ventures" goes beyond the basics and delves into more advanced topics such as crafting a unique value proposition, creating a sales and marketing plan, managing your finances, and scaling your business for sustainable growth. With over 10 chapters of expert advice, you'll have all the tools you need to succeed in the competitive online marketplace. Plus, each chapter includes actionable steps and real-world examples to help you apply what you've learned to your own business. Don't let the fast-paced and ever-changing online world intimidate you. With "Profitable Web Ventures," you'll have everything you need to build a profitable and sustainable online business that brings fulfillment and purpose to your life. Invest in yourself and your future success by getting your copy of "Profitable Web Ventures: A Comprehensive Guide to Internet Business Success" today!

Data Driven Business Decisions

2012-01-13

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Author: Chris J. Lloyd
Publisher: Wiley
ISBN: 9781118279151
Category : Business & Economics
Languages : en
Pages : 512

A hands-on guide to the use of quantitative methods and software for making successful business decisions The appropriate use of quantitative methods lies at the core of successful decisions made by managers, researchers, and students in the field of business. Providing a framework for the development of sound judgment and the ability to utilize quantitative and qualitative approaches, Data Driven Business Decisions introduces readers to the important role that data plays in understanding business outcomes, addressing four general areas that managers need to know about: data handling and Microsoft Excel, uncertainty, the relationship between inputs and outputs, and complex decisions with trade-offs and uncertainty. Grounded in the author's own classroom approach to business statistics, the book reveals how to use data to understand the drivers of business outcomes, which in turn allows for data-driven business decisions. A basic, non-mathematical foundation in statistics is provided, outlining for readers the tools needed to link data with business decisions; account for uncertainty in the actions of others and in patterns revealed by data; handle data in Excel; translate their analysis into simple business terms; and present results in simple tables and charts. The author discusses key data analytic frameworks, such as decision trees and multiple regression, and also explores additional topics, including: Use of the Excel functions Solver and Goal Seek Partial correlation and auto-correlation Interactions and proportional variation in regression models Seasonal adjustment and what it reveals Basic portfolio theory as an introduction to correlations Chapters are introduced with case studies that integrate simple ideas into the larger business context, and are followed by further details, raw data, and motivating insights. Algebraic notation is used only when necessary, and throughout the book, the author utilizes real-world examples from diverse areas such as market surveys, finance, economics, and business ethics. Excel add-ins StatproGo and TreePlan are showcased to demonstrate execution of the techniques, and a related website features extensive programming instructions as well as insights, data sets, and solutions to problems included in the material. The enclosed CD contains the complete book in electronic format, including all presented data, supplemental material on the discussed case files, and links to exercises and solutions. Data Dr...

Unlocking the Power of Data

2023-10-30

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Author: Karim Mehidi, PhD
Publisher: TheBookEdition
ISBN:
Category :
Languages : en
Pages : 405

In this increasingly data-centric world, information has become the lifeblood of successful business strategies, operational efficiency, and decision-making processes. As organizations strive to gain a competitive edge, the ability to harness insights from data has emerged as a critical differentiating factor. "Unlocking the Power of Data: Harnessing Insights for Business Success" explores the transformative potential of data analytics and provides a comprehensive guide for leveraging its power within contemporary organizations.

Business Analytics - Unleashing Data Driven Decision Making

2024-01-12

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Author: JUBI R
Publisher: NEHAS PUBLICATIONS
ISBN: 819681142X
Category : Business & Economics
Languages : en
Pages : 367

In today's dynamic and data-driven business landscape, the art and science of Business Analytics have emerged as critical tools for exploration, introspection, and informed decision-making. "Business Analytics," the book at hand, delves into the practices and competencies essential for unraveling the complexities of business performance, facilitating purposeful, intuitive, and expedient decision-making processes. The essence of Business Analytics lies in the extensive exploration of business data, aiming to extract meaningful information usable by managers across various organizational levels. This book positions Business Analytics as a catalyst for fact-based decision-making, elevating accountability in the decision-making process. It defines Business Analytics as a methodical process that involves scrutinizing and summarizing data with the explicit purpose of uncovering hidden predictive insights. This book places a particular emphasis on the science and artistry of business analytics, with a special focus on financial analytics. It not only explores the practical aspects but also lays the theoretical foundations, providing a comprehensive context for various elements of business analytics within specific business situations. A distinctive feature of this book is its commitment to showcasing the implementation of analytics by illustrating how leading companies leverage this power to enhance their investments. Acknowledging that scientific knowledge alone may not suffice for sound decision-making, the book underscores the importance of combining scientific expertise with a deep understanding of the business context and the best available information. Addressing a notable gap in existing literature, this book goes beyond traditional academic texts that predominantly concentrate on quantitative methods. Instead, it extends its reach to cover analytics for non-quantitative managers. In doing so, the book aims to equip a broader audience with the knowledge and tools necessary to harness the benefits of Business Analytics in diverse business scenarios. As you embark on this journey through the pages of "Business Analytics," you will gain insights into the transformative power of analytics in decision-making, and how it has become an indispensable asset for businesses navigating the intricacies of the contemporary corporate landscape.

Big Data Analytics Techniques for Market Intelligence

2024-01-04

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Author: Darwish, Dina
Publisher: IGI Global
ISBN:
Category : Computers
Languages : en
Pages : 536

The ever-expanding realm of Big Data poses a formidable challenge for academic scholars and professionals due to the sheer magnitude and diversity of data types, along with the continuous influx of information from various sources. Extracting valuable insights from this vast and complex dataset is crucial for organizations to uncover market intelligence and make informed decisions. However, without the proper guidance and understanding of Big Data analytics techniques and methodologies, scholars may struggle to navigate this landscape and maximize the potential benefits of their research. In response to this pressing need, Professor Dina Darwish presents Big Data Analytics Techniques for Market Intelligence, a groundbreaking book that addresses the specific challenges faced by scholars and professionals in the field. Through a comprehensive exploration of various techniques and methodologies, this book offers a solution to the hurdles encountered in extracting meaningful information from Big Data. Covering the entire lifecycle of Big Data analytics, including preprocessing, analysis, visualization, and utilization of results, the book equips readers with the knowledge and tools necessary to unlock the power of Big Data and generate valuable market intelligence. With real-world case studies and a focus on practical guidance, scholars and professionals can effectively leverage Big Data analytics to drive strategic decision-making and stay at the forefront of this rapidly evolving field.