Citation:

Moushumi Akter Mouli, Monjurul Alam. "Role of Data Analytics in Organizational Decision Making" International Research Journal of Economics and Management Studies, Vol. 3, No. 12, pp. 224-232, 2024.

Abstract:

Data analytics has become a vital tool in today’s fast-changing business environment in order to improve organizational decision-making. This paper will discuss the multiple roles data analytics plays in shaping strategic, tactical, and operational decisions in different organizational settings. The research uses a mixed-methods approach to assess the extent of analytics adoption by combining quantitative surveys and qualitative interviews to identify key enablers and barriers to analytics adoption, evaluate the impact on decision quality and organizational performance, and examine ethical, privacy, and bias considerations. The results indicated that while a large number of organizations have adopted basic descriptive analytics into the processes, fewer have proceeded to the predictive and prescriptive analytics stages. Critical factors that enable full integration of analytics include strong commitment from leadership, robust frameworks of data governance, an analytical workforce with the proper skills, and an appropriate organizational culture. On the other hand, challenges associated with poor data quality, inadequate technical expertise, and change resistance prevent the effective exploitation of analytics benefits. Moreover, the study reflects a significant gap in issues of ethics and privacy as an area that needs strong governance strategies. Based on this, a conceptual framework is proposed to guide organizations in enhancing their analytics maturity. These include key emphasis areas on leadership, data quality, workforce development, cultural alignment, and ethical practices. The main study conclusion is that effective utilization of data analytics can significantly improve the quality of decisions and organizational performance, provided that organizations appropriately address the inherent challenges and adopt a holistic, integrated approach to analytics implementation.

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Keywords:

Data Analytics, Organizational Decision Making, Predictive Analytics, Data Governance, Ethical Considerations, Analytics Maturity, Leadership Commitment, Workforce Development, Data-Driven Culture, Competitive Advantage.