The New Application of Big Data and Data Analytics in Business Decision-Making

Abstract

Big data technology, through massive data collection and real-time analysis, is transforming enterprise decision-making. Unlike traditional statistical methods, big data analytics offers greater real-time insights and predictive capabilities, providing robust support for business decisions.

 

Main Text

Traditional business decisions often rely on periodic statistics and historical data, which can be lagging and one-sided. Big data analytics employs distributed computing and data mining techniques to capture market changes and consumer behavior in real time, offering enterprises precise forecasting. Companies in the United States, Europe, and parts of Asia have widely adopted big data in marketing, supply chain management, and other fields.

While these new techniques bring about efficient decision-making, they also face challenges related to data security, data quality, and privacy protection. In the future, with improved algorithms and the establishment of data governance standards, big data analytics is expected to mature further, providing stronger technological support to boost enterprise competitiveness.

 

Conclusion

Big data and data analytics are revolutionizing business decision-making models, helping enterprises quickly grasp market dynamics. Despite concerns over data security, their application prospects remain highly optimistic under the growing standardization efforts worldwide.

 

References

 

Li Na, “The Revolution of Business Decisions in the Big Data Era”, InfoWorld Chinese, April 2023.

Robert Davis, “Data Analytics: Transforming Business Decisions,” Computerworld, 2022.