The significance and application of data analytics models for strategic management

Abstract

In today's global landscape, the survival and success of organizations depend significantly on the effective use of their data assets for informed strategic decision-making. The exponential proliferation of data and its multiple uses present profound challenges and opportunities. Proficient management, processing, and use of this vast reservoir of data have emerged as a paramount concern in today's world. At the same time, the wise application of data analytics techniques and frameworks offers compelling strategic advantages. Identifying and deploying the most relevant data analytics methodologies within the realm of strategic management presents a formidable challenge for senior executives. This study examines the central role of data analytics in strategic decision-making and explores how organizations can leverage it to gain a competitive advantage. In addition, the research examines recent literature that sheds light on the various dimensions of integrating data analytics into strategic management. The study also provides selected illustrative use cases and instances of strategic management at the corporate, business, and functional levels. In particular, it presents a spectrum of both quantitative and qualitative data analysis techniques to underscore the availability of frameworks that facilitate the integration of data analysis into strategic management and decision-making processes.