The Effect of Big Data Analytics on Firm Decision Making: The Case of the Lebanese Banking Sector

Abstract

The purpose of this paper is to study the perceived impact of big data analytics, a subset of business analytics, on the decision-making process in the banking sector considering that decisions made using big data analytics uncover unseen innovation opportunities and improve compliance within a more stringent regulatory environment. These large complex data sets also known as big data are used by many organizations to enhance their business operations, address business problems as well as generate new opportunities. Big Data Analytics (BDA) analyze Big Data (BD) to uncover relevant information such as customer preferences, hidden patterns, market trends and unknown associations. Data analytics are frequently instilled among the most effective businesses supporting their decision-making process. This paper discusses the impacts of big data analytics on the decision-making process in financial organizations knowing that these analytics can create a constant flow of possible new insights. A qualitative approach has been adopted by conducting in depth interviews with executives in the financial sector to examine how data analytics impact every stage of the decision-making process.