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Data Analytics for Strategic Management: Getting the Right Data
Abstract
To direct and maintain smooth operations in coordination with internal and external sectors, strategic managers need to collect and analyze data about those operations and stakeholders so they can improve current management practices and determine new management direction. Particularly in today's data-driven society where evidence-based practice is expected, numbers and other evidence abound. However, data by itself is not very useful or even informative. Managers need to strategically conduct data analytics, that is the process of knowing the right questions to ask, determining the relevant data to collect, choosing the appropriate instruments to collect those data, analyzing that data, recommending appropriate actions, implementing them, and evaluating the implementation. This chapter also emerging technology issues and tools that impact data analytics.
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