Abstract
The decision-making approach has traditionally depended upon gut feelings, experience, and qualitative judgment by Managerial decision-makers. However, the advent of business analytics (BA) has taken this process to the next level, allowing organizations to make data-driven, accurate, and timely decisions. The paper discusses how business analytics can help transform managerial decision-making through the integration of descriptive, predictive, and prescriptive analysis into strategic, operational, and financial perspectives. The paper starts by putting BA into the history of the development of decision support systems, as well as with knowledge-based management. It then looks at how it helps enhance managerial performance, organizational competitiveness, and adaptability in an uncertain environment. Workflows that would follow such a structure of analytics-based decision-making are also proposed, which cover data accrual, modeling, insight generation, and performance monitoring. Specific retail, healthcare, finance, and manufacturing verticals with real-life industry applications are discussed to show documented improvement in terms of efficiency, mitigation of risks, and ability to plan strategically. The paper also lists some major challenges, including data quality, adoption challenges, skill shortages, and ethics of privacy and transparency. Lastly, future trends are pointed towards combining the elements of artificial intelligence, real-time analytics, and cloud-enabling power, as well as the need to enhance managerial competencies to effectively use the tools. This extensive review shows that business analytics is not a technological tool at all, but a strategic requirement of modern managers who have to face the challenges of complex and competitive environments.
Keywords
Business Analytics, Data-Driven Decision-Making, Predictive Analytics, Managerial Performance, Strategic Decision Support, Organizational Competitiveness
Citations
IRE Journals:
Jyothi Swaroop Myneni
"Transforming Managerial Decision-Making through Business Analytics" Iconic Research And Engineering Journals Volume 8 Issue 3 2024 Page 956-969
IEEE:
Jyothi Swaroop Myneni
"Transforming Managerial Decision-Making through Business Analytics" Iconic Research And Engineering Journals, 8(3)
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IRE Journals is an open access online journals established with an aim to publish high quality of research work in various diciplines. We have more than 6 years in publications. Over 2500+ papers already published.
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