Data-Driven Innovation in Business Models: Exploring the Role of Big Data Analytics in Strategic Decision-Making

Abstract

This study examines the transformative impact of big data analytics on business model innovation, focusing on how organizations leverage data-driven insights to enhance strategic decision-making. The research explores the methodologies used to process and interpret large volumes of data, including machine learning, predictive analytics, and real-time data processing. By analyzing case studies from various industries, the paper identifies the key elements that contribute to successful integration of big data into business models, such as agile decision-making, customer-centric strategies, and operational efficiency. Additionally, the study addresses the challenges and limitations of data-driven innovation, including data quality concerns, privacy issues, and the need for organizational culture change. The findings offer a comprehensive framework for companies looking to adopt data-driven strategies, emphasizing the importance of aligning data capabilities with business goals to achieve a competitive edge.