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Trends in Global Business Environment

   

Added on  2019-09-30

7 Pages1397 Words282 Views
Trends in Global Business Environment1

Table of ContentsIntroduction......................................................................................................................................3Body.................................................................................................................................................3General.............................................................................................................................................4Discussion........................................................................................................................................5Conclusion.......................................................................................................................................62

Introduction Adapting a data-driven approach is essential for modern businesses, although many times theyfail to do it. Using the data-driven approach indicates that the businesses are using the data as animportant asset and modifying the strategies accordingly (Bean and Davenport, 2019). Due tolack of data-orientation, the businesses also fail to utilize the available applications of theinformation technology and get benefitted from it. The contemporary organizations, therefore,need to find the reasons which are preventing them from embracing the data-driven approachsuccessfully and enhance their growth. The current research identifies the key factors behind thefailure of using different data-based applications in the organizations. The research is significantas it forms the businesses to identify the areas which require being improved to use the data andanalytics effectively.BodyThe current research indicates several statistics on the use of the data-driven approach inmultinational organizations. The research indicates that a large portion of the companies has notadopted the data orientated approach so far. In most of the organizations, the data-based cultureis present. A significant portion of the organizations is not considering data as an asset (Bean andDavenport, 2019). The importance of data and analytics as the source of competitive advantageis not recognized in many organizations. Additionally, the research also indicates that thenumber of firms which have considered themselves data-driven is reducing every year. As evident from the research, the investment on the big data and artificial intelligence (AI) isincreasing. The research also indicates that businesses are aware of the rapid developments in the3

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