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What is Business Decision Making

Handbook of Research on Emerging Business Models and Managerial Strategies in the Nonprofit Sector
Decision making is an essential aspect of business success.
Published in Chapter:
Business Applications of Big Data: Considerations for Not-for-Profits
Javier Vidal-García (University of Valladolid, Spain), Marta Vidal (Complutense University of Madrid, Spain), and Rafael Hernández Barros (Complutense University of Madrid, Spain)
DOI: 10.4018/978-1-5225-2537-0.ch007
Abstract
Twenty-first century organizations face a challenge and an unprecedented opportunity: to build a new model of relationship with current and potential clients which is more efficient and innovative. And this necessarily implies to acquire a completely new corporate culture in which the collection, management and interpretation of information will inspire the entire business. Under this new business scenario, the data is not understood as part of a process but instead to be part of the core business as a decision tool. Only if companies can manage this flood of information will be able to understand what we do and where they are going; identify the tastes and preferences of consumers and, more importantly, anticipate their decisions to adapt the services in real time and in a personalized way. The Big Data points companies beyond the facts: transforms the actions into predictions.
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More Results
Actionable Knowledge Discovery
Decisions made by business people aim to the achievement of business objectives in a manner of satisfying business needs and expectations.
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