Search

A Preliminary Exploration of the Application of Data-Driven Decision-Making in the Trend Judgment of Popular Industries

Author(s)

Yihan Li

Affiliation(s)

Department of Economics, University of Toronto, Toronto, Canada *Corresponding Author

Abstract

This article aims to explore the application of data-driven decision-making in the judgment of popular industry trends. Firstly, the concept and connotation of data-driven decision-making were expounded, and the importance and challenges faced in judging the trends of popular industries were analyzed. Then, the specific application methods of data-driven decision-making in the trend judgment of popular industries were elaborated in detail, including data collection and integration, data analysis methods, and the construction of trend prediction models based on data. Finally, the future development of data-driven decision-making in the judgment of popular industry trends was prospected, and relevant suggestions were put forward, with the aim of providing a reference for enterprises to accurately judge industry trends by using data in the complex and changeable market environment.

Keywords

Data-Driven Decision-Making; Popular Industries; Trend Judgment; Data Analysis; Predictive Model

References

[1] World Economic Forum. (2023). Global Risks Report 2023. from https://www.weforum.org/publications/global-risks-report-2023/ [2] Vial, G. (2021). Understanding digital transformation: A review and a research agenda. Managing digital transformation, 13-66. [3] Lengnick-Hall, C. A., Beck, T. E., & Lengnick-Hall, M. L. (2011). Developing a capacity for organizational resilience through strategic human resource management. Human resource management review, 21(3), 243-255. [4] Bharadwaj, A., El Sawy, O. A., Pavlou, P. A., & Venkatraman, N. V. (2013). Digital business strategy: toward a next generation of insights. MIS Quarterly, 471-482. [5] Rogers, D. L. (2016). The digital transformation playbook: Rethink your business for the digital age. Columbia University Press. [6] Hess, T., Matt, C., Benlian, A., & Wiesböck, F. (2020). Options for formulating a digital transformation strategy. In Strategic information management (pp. 151-173). Routledge. [7] Nambisan, S., Wright, M., & Feldman, M. (2019). The digital transformation of innovation and entrepreneurship: Progress, challenges and key themes. Research policy, 48(8), 103773. [8] Wade, M., & Hulland, J. (2004). The resource-based view and information systems research: Review, extension, and suggestions for future research. MIS Quarterly, 107-142. [9] Teece, D., Peteraf, M., & Leih, S. (2016). Dynamic capabilities and organizational agility: Risk, uncertainty, and strategy in the innovation economy. California management review, 58(4), 13-35.