Data-Driven Decision Making in Management: Leveraging Big Data Analytics for Strategic Planning

Data driven decision making process has emerged in the digital transformation era a significant approach to enhance strategic planning and managerial effectiveness. The present study explores the strategic planning using big data analytics to facilitate decision-making process that enables businesses for optimising operations, gaining competitive edge and prediction of market trends by analysing the risk factors. The advanced analytical techniques involve analysis of real time data so that the valuable insights are extracted by the businesses using large data sets. Research examines about strategic decision-making process based on the companies in India. The data driven strategy approach works on the business based on the size and the age of the company as well as the income of the company. Data driven decision making in management involves various categories including cost reduction, operational efficiency, predictive capabilities, faster insights and improved accuracy. The strategic decision making can be applied in management based on three factors resource utilisation, budget overage and return on investment.