Leveraging big data analytics and capabilities for data-driven decision-making in South African banking

Abstract

Despite the widespread attention given to big data and analytics, there is still a lack of clarity regarding the success rate of big data initiatives and their strategic value. While existing literature primarily emphasizes the enhancement of tactical organizational capabilities through big data and analytics, there is a notable scarcity of studies that delve into their impact on organizational decision-making. Moreover, a limited conceptual framework explores how big data and analytics create strategic value for organizations through data-driven decision-making. This study aims to fill this gap by investigating how big data analytics and capabilities can be effectively applied for data-driven decision-making, specifically examining factors that either facilitate or hinder the South African banking sector's ability to harness these technologies for strategic decision-making. Through thematic analysis from the qualitative interview data, the findings underscore the critical need for aligning data and business strategies, effective data leadership, and fostering a data-driven culture to leverage big data analytics into data-driven decision-making within the South African banking sector.