Strategies to utilize and unleash the exponential power of data in the digital age for increasing effective decision making and competitiveness both in public and private organizations
Keywords:
Strategy, Data utilization, Effective decision making, CompetitivenessAbstract
The development of advanced technology has dramatically produced a large amount of data. The achievements of the world's leading organizations – such as Uber, Amazon, Netflix, Rolls-Royce, Google, IBM, Microsoft, and so on – have shown clearly that the data combined with technological progress is revolutionizing the ways or practices of organizations in both the public and private sectors in creating competitive value. However, data utilization has still faced a variety of limitations, such as knowledge and understanding about the use of data, drowning in data, data management, data quality, potentiality of data users, data context, and so on. Utilizing the data to drive the organizations is still a great challenge for the organizations. This article presents administrative strategies to take advantage of the data to make effective decisions and increase competitiveness. These nine strategies are the result of integrated synthesis of relevant literature, such as empirical researches, academic works, books and survey results from world-class organizations. The strategies will help organizations survive and thrive in the transition period of humanity as a result of advanced technology development.
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