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

In: Data-Driven Decision Making

Author

Listed:
  • Chandan Maheshkar

    (Chameli Devi Group of Institutions and East Nimar Society for Education)

  • Jeanne Poulose

    (Christ University)

  • Vinod Sharma

    (Symbiosis International (Deemed University))

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.

Suggested Citation

  • Chandan Maheshkar & Jeanne Poulose & Vinod Sharma, 2024. "Data-Driven Decision Making in the VUCA Context: Harnessing Data for Informed Decisions," Springer Books, in: Jeanne Poulose & Vinod Sharma & Chandan Maheshkar (ed.), Data-Driven Decision Making, chapter 0, pages 1-25, Springer.
    • Handle: RePEc:spr:sprchp:978-981-97-2902-9_1
    DOI: 10.1007/978-981-97-2902-9_1
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