Economic Data on Business Decisions

Economic Data on Business Decisions

Organizations rely on data to make effective decisions and sustain their operations. The government provides financial and economic data and forecasts that can help businesses understand the business environment and their industries. Economic data is important in business decision-making because it describes the economy’s past, present, and current state. This report will discuss the value of economic data in business decisions and summarize findings from five peer-reviewed articles that have examined the benefits of economic data in business decision-making.

Current Trends

Various researchers have reviewed the application of economic data in making business decisions. One of the research studies conducted by Hughes-Cromwick & Coronado (2019) focuses on the value of the data provided by the United States government to businesses. The article’s main theme is the benefits businesses get from using government data in decision-making. According to Hughes-Cromwick & Coronado (2019), economic data provided by the United States government helps organizations make better sales forecasts and manage expected customer behavior and inventory. Businesses also use economic data to make financial forecasts that impact decisions relating to cash management. Economic data is also essential in gauging emerging market trends and influencing decisions on whether to invest in a specific market. Gottfried et al. (2021) also review the application of economic data in decision-making. The main theme in their article is the use of open government data in business. The authors argue that economic data can be used to support the creation of innovative products and ideas. They give an example of how trucking and automotive companies in the United States use the data provided by the government to make better decisions on diesel consumption and production at assembly points.

Consistently, Zimmermann & Pucihar (2015) discuss the connection between innovation and open data. The main theme in the article is the use of open data in generating innovative and new business models and emotional intelligence. The authors argue that the use of open data in increasing innovation has been tested in various companies, including a Swiss software company. The company used open data to customize its services, leading to high profitability. The link between innovation and open data has also been explored by Safarov et al. (2017). The main theme in the article is the role of economic data in generating economic value and increasing innovation. Safarov et al. (2017) argue that economic data can help organizations make better decisions, leading to reduced costs, increased value, and the generation of new services and products. Jetzek et al. (2019) provide additional information about the use of economic data to increase social and economic value. The main theme in the article is the link between open government data and increased social and economic value. Jetzek et al. (2019) argue that open government data can improve business decision-making by enabling organizations to predict changes in the business environment.

Future Research

Most of the existing literature on the value of data in business decisions focuses on general open government data. For example, Hughes-Cromwick & Coronado (2019) explores the value of open data in decision-making, and Gottfried et al. (2021), discuss the application of open government data in business. Other researchers also focus on drawing the connection between innovation and open data. For example, Zimmermann & Pucihar (2015) discuss the use of open data in generating innovative and new business models and emotional intelligence, and Jetzek et al. (2019) and Safarov et al. (2017) discuss the use of economic data in generating economic value and increasing innovation. There are limited studies on the use of economic data in making business decisions. Therefore, one of the future research questions that should be explored is; What is the value of economic data in decision-making? There is also limited research on the use of economic data in creating economic and social value. Therefore, the second research question that should be considered is; What is the role of economic data in creating economic and social value? It is also essential to explore how businesses use economic data to make decisions by answering the question; How do businesses use economic data in decision-making?

References

Gottfried, A., Hartmann, C., & Yates, D. (2021). Mining Open Government data for business intelligence using data visualization: A two-industry case study. Journal of Theoretical and Applied Electronic Commerce Research, 16(4), 1042–1065. https://doi.org/10.3390/jtaer16040059

Hughes-Cromwick, E., & Coronado, J. (2019). The value of US government data to US Business Decisions. Journal of Economic Perspectives, 33(1), 131–146. https://doi.org/10.1257/jep.33.1.131

Jetzek, T., Avital, M., & Bjorn-Andersen, N. (2019). The sustainable value of Open Government Data. Journal of the Association for Information Systems, 702–734. https://doi.org/10.17705/1jais.00549

Safarov, I., Meijer, A., & Grimmelikhuijsen, S. (2017). Utilization of open government data: A systematic literature review of types, conditions, effects, and users. Information Polity, 22(1), 1–24. https://doi.org/10.3233/ip-160012

Zimmermann, H.-D., & Pucihar, A. (2015). Open innovation, open data, and new business models. SSRN Electronic Journal. https://doi.org/10.2139/

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Read Hughes-Cromwick & Coronado’s (2019) article on the value of economic data in business decisions. Summarize the findings of the article and locate additional peer-reviewed articles that provide industry examples of the value of economic data in their specific decisions.

Provide a summary and include a minimum of five new peer-reviewed journal articles.

Economic Data on Business Decisions

Provide a 600 to 800-word summary (formatted according to APA guidelines) of the new research in this area from a minimum of five new peer reviewed journal articles and identify questions that need exploring in future research.

Your discussion should be organized in a three-paragraph format:

Introductory Paragraph: gives an overview and definition of the topic you chose. The end of the paragraph gives an idea of how your forum is organized.

Current Trends Paragraph: In this paragraph, you will discuss the themes that you found in the research from the 5 articles related to your topic. This paragraph should be a synthesis of the research and not just a listing of annotated summaries.

Future Research Paragraph: In this paragraph, you will discuss areas of future research by referencing the 5 articles that you identified. The future research areas should be based on the findings of the authors of those articles rather than general ideas you may have.

*A reference section should then be included at the end of your discussion.
You will review your classmates’ initial postings and choose one classmate to complete the following for your reply:
Write a 250 to 300-word response to your classmate. Your reply must make a recommendation to your classmate of a peer reviewed journal article that provides additional information on their topic. In your response, you should give a summary of the article in your own words and discuss why it is relevant to their forum topic. It must be different from the articles they reference in their forum. Include an APA formatted citation at the bottom of the reply.