Data-Driven Decision Making in Management: A Review

Abstract:

Data-driven decision-making (DDDM) is revolutionizing modern management by harnessing data to improve decision quality and operational efficiency. This paper explores the significance of DDDM, emphasizing its impact on forecasting accuracy, resource optimization, and actionable insights derived from complex data. Despite notable challenges—such as data quality, integration, and privacy—technological advancements, including machine learning, cloud computing, and IoT, are progressively addressing these issues. The future outlook for DDDM is highly promising, with continuous innovations expected to further embed advanced analytics into business practices. As organizations increasingly adopt data-driven strategies, they are likely to achieve enhanced innovation, competitive advantage, and agility, setting new standards in the data-centric digital landscape.