Strategic Decision Making in Business: Innovation and Competitiveness

Nuñez-Lira L.A.; Alfaro Bernedo J.O.; Aguado Lingan A.M.; González Ponce de León E.R. · Revista Venezolana de Gerencia (2023) · DOI: 10.52080/rvgluz.28.e9.39

Resumen

Currently, the business world is characterized by increasing competition, the speed of technological change and the need for constant innovation. Companies face a highly dynamic and changing environment, in which markets are globalizing and consumer expectations are changing rapidly, thus making it difficult to sustain competitiveness. The present work intends to describe the relationship between strategic decision making and the success of innovation and business competitiveness from a theoretical-documentary study of various bibliographical sources on the subject. Four fundamental strategies are identified for the proper application of strategic decision making: Thorough assessment of the business environment and market competition, fostering a culture of innovation and creativity, establishing clear and measurable objectives, and taking risks and experimenting with new ideas and approaches. Companies will increasingly need to incorporate advanced technologies, such as machine learning and artificial intelligence, to make more accurate and faster decisions while handling higher volumes of information. In addition, companies can increasingly integrate sustainability approaches into their business strategies, addressing the environmental and social impacts of their operations.

Instituciones: Universidad Nacional Mayor de San Marcos; Universidad Nacional Federico Villarreal; Universidad Privada del Norte