Event Title

The Importance of Data-Driven Decision Making (DDDM) in Business Performance-Profit

Session

Management, Business and Economics

Description

The 21st century is all about data, and companies are constantly improving their internal systems and acquiring better tools that allow them to take advantage of data. They do this on the premise that data improves their business performance, but the research that supports the idea that data-based decision-making improves business performance, does not use a standardized system to measure how much data are used in the decision-making process. Some researchers have worked on this area, but their work measures the perception of how much data are used in the decision-making process and its effect on business performance. Collecting the necessary data, which need to further advance and be more specific, should help create a standard variable as a response to how much data are used in the decision-making process. Having said so, the potential results of this study should be of significant contribution to the existing literature. Ideally, the result from this study would determine how much should the return from investing in data-processing resources. Most importantly, this is an effort to offer an alternative approach in measuring the impact of data in decision-making.

Keywords:

Business performance, Business profit, Data-based decision-making

Session Chair

Ylber Limani

Session Co-Chair

Gonxhe Beqiri

Proceedings Editor

Edmond Hajrizi

ISBN

978-9951-437-96-7

Location

Lipjan, Kosovo

Start Date

31-10-2020 3:15 PM

End Date

31-10-2020 4:45 PM

DOI

10.33107/ubt-ic.2020.332

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Oct 31st, 3:15 PM Oct 31st, 4:45 PM

The Importance of Data-Driven Decision Making (DDDM) in Business Performance-Profit

Lipjan, Kosovo

The 21st century is all about data, and companies are constantly improving their internal systems and acquiring better tools that allow them to take advantage of data. They do this on the premise that data improves their business performance, but the research that supports the idea that data-based decision-making improves business performance, does not use a standardized system to measure how much data are used in the decision-making process. Some researchers have worked on this area, but their work measures the perception of how much data are used in the decision-making process and its effect on business performance. Collecting the necessary data, which need to further advance and be more specific, should help create a standard variable as a response to how much data are used in the decision-making process. Having said so, the potential results of this study should be of significant contribution to the existing literature. Ideally, the result from this study would determine how much should the return from investing in data-processing resources. Most importantly, this is an effort to offer an alternative approach in measuring the impact of data in decision-making.