Data-Driven Decision Making in the VUCA Context: Harnessing Data for Informed Decisions

Chandan Maheshkar (), Jeanne Poulose () and Vinod Sharma ()
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Chandan Maheshkar: Chameli Devi Group of Institutions and East Nimar Society for Education
Jeanne Poulose: Christ University
Vinod Sharma: Symbiosis International (Deemed University)

Chapter Chapter 1 in Data-Driven Decision Making, 2024, pp 1-25 from Springer

Abstract: Abstract Data-driven decision making (DDDM) has evolved from being a strategic advantage to a necessity for organizations aiming to thrive in the dynamic business contexts. It is about using data as a tool to enhance strategic thinking, scenario planning, and adaptation in rapidly changing environments. It involves leveraging data and analytics to navigate the challenges of volatility, uncertainty, complexity, and ambiguity. By embracing DDDM, organizations can enhance their decision-making processes, gain a competitive edge, and navigate the challenges of volatility, uncertainty, complexity, and ambiguity with greater confidence. However, successful implementation requires addressing challenges, fostering a data-driven culture, and continually adapting best practices to meet the evolving demands of the VUCA environment. This chapter discusses how organizations leverage DDDM in VUCA context to support effective and rapid decision making aligned with organization’s vision. Particularly, it would offer insights to transit from volatility to vision, uncertainty to understanding, complexity to clarity, and ambiguity to agility.

Keywords: Decision making; DDDM; VUCA; Volatility; Uncertainty; Complexity; Ambiguity; Agility (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-97-2902-9_1

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DOI: 10.1007/978-981-97-2902-9_1

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