Published
2024-03-23
Section
Articles
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
How to Cite
The Power of Data Analytics in Decision-Making
Musinov Dilshod Sultonovich
Senior lecturer of the "Real economy" department of the Samarkand Institute of Economics and Service
Ravshanov Yodgor Fayzi oʻg‘li
Student of the faculty Economics Samarkand Institute of Economics and Service
Xoʻrozov Asadbek Olimjon oʻg‘li
Student of the faculty Economics Samarkand Institute of Economics and Service
Keywords: data analytics, decision-making, big data
Abstract
In today's data-driven business landscape, the power of data analytics in decision-making cannot be overstated. This article explores the significance of data analytics in facilitating informed decision-making processes across various industries and organizational functions. Through an examination of case studies, best practices, and emerging trends, it highlights the transformative impact of data analytics on improving business performance, driving innovation, and gaining competitive advantage. From descriptive and diagnostic analytics to predictive and prescriptive analytics, different types of data analytics techniques are leveraged to extract valuable insights from data and guide strategic decision-making. Additionally, this article discusses the challenges and opportunities associated with implementing data analytics initiatives, emphasizing the importance of data governance, talent development, and organizational culture in maximizing the benefits of datadriven decision-making.
References
Chen, H., Chiang, R. H., & Storey, V. C. (2012). Business intelligence and analytics: From big data to big impact. MIS quarterly, 36(4), 1165-1188.
Davenport, T. H., & Harris, J. (2007). Competing on analytics: The new science of winning. Harvard Business Press.
Eckerson, W. W. (2010). Performance dashboards: Measuring, monitoring, and managing your business. John Wiley & Sons.
LaValle, S., Lesser, E., Shockley, R., Hopkins, M. S., & Kruschwitz, N. (2011). Big data, analytics and the path from insights to value. MIT Sloan Management Review, 52(2), 21-32.
Marr, B. (2015). Big data: Using SMART big data, analytics and metrics to make better decisions and improve performance. John Wiley & Sons.
Provost, F., & Fawcett, T. (2013). Data science for business: What you need to know about data mining and data-analytic thinking. O'Reilly Media, Inc.
Sharda, R., Delen, D., & Turban, E. (2014). Business intelligence and analytics: Systems for decision support. Pearson.
Sivarajah, U., Kamal, M. M., Irani, Z., & Weerakkody, V. (2017). Critical analysis of Big Data challenges and analytical methods. Journal of Business Research, 70, 263-286.
Turban, E., Sharda, R., Dursun, D., King, D., & Liang, T. P. (2018). Decision support and business intelligence systems. Pearson.
Watson, H. J., & Wixom, B. H. (2007). The current state of business intelligence. Computer, 40(9), 96-99.
