Big Data Aspects and Business Decision Making
Keywords:
Big data, Business Decision Making, Decision Support, Decision Quality, AutomationAbstract
Today, the need to digest and utilize the information coming from different sources is growing massively due to high rate of digitization. Data has become a critical part of understanding customers and their motivation since this can easily be gathered from various online sources. The decision-making process is marked by several elements, but all revolve around customers' behaviors. In making an effective strategic decision the managers are required to have critical abilities to lead their organization in the progressively volatile and to face the competitive business world. This means that managers must gather relevant information, identify the available alternatives, choose the favoring alternative act, and continuously review the decision. Given the various sources, nature, and speed at which the data flows into the organizations, there is a need for every organization to see how they can derive value from the existing volumes of data. The main objective of this paper was to identify through empirical review the role of big data in decision-making. Based on the existing literature, big data significantly influence business decision-making. The paper found that decision-making is becoming more transparent, accurate, efficient, and faster with the application of big data. The study also established that big data aspects including data variety, volume, and velocity were critical in determining informed business decision-making. The paper concludes that big data can create new possibilities and immense opportunities for businesses to manage knowledge effectively. The paper recommends that organizations should optimize business analytics to make informed decisions that are more transparent, accurate, efficient, and faster. The paper also recommends that for organizations to reap the maximum benefits from business analytics technologies, they need to invest in the right big data analytics tools and empower their personnel to use the tools and act according to the insights gained.
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