Book Title: Digital Business and Intelligent Technologies
Editors: Dr. S. Fenin Samuel, Dr. D. Kinslin, Dr. S. Edmund Christopher, and Dr. J.S. Kishore
ISBN: 978-81-69297-52-3
Chapter: 4
DOI: https://doi.org/10.59646/723/4
Author: Dr. S. Fenin Samuel
Abstract
This chapter focuses on the significance of data-driven decision making (DDDM) in contemporary business practices. It begins by defining DDDM and its relevance in enhancing organizational performance and gaining competitive advantages. The chapter discusses various types of data used in DDDM, including structured, unstructured, qualitative, and quantitative data, and identifies key sources such as internal systems, market research, and third-party data providers. It explores different data analytics techniques, including descriptive, diagnostic, predictive, and prescriptive analytics, as well as the tools used for analysis, such as business intelligence platforms and data visualization software. The chapter emphasizes the importance of fostering a data-driven culture within organizations, highlighting strategies for overcoming resistance to DDDM practices. Case studies of companies that have successfully implemented DDDM illustrate its impact on operational efficiency and customer satisfaction. The chapter concludes with recommendations for organizations aiming to harness data analytics to drive strategic decision making.