The use of big data is becoming more challenging and enormous in responding to firm performance. The purpose of this study is to analyse how data-based contractual governance and data-based relational governance significantly impact the effectiveness of strategic decision-making, with the ultimate goal of improving their performance. Effective strategic decision-making as a mediator variable was developed using Dynamic Capability (DC) theory, Social Capital theory, and DECAS theory. The empirical data for this research were collected from 106 state-owned enterprises (SOE) in Indonesia, and the results showed that data-based contractual governance have significant influence on business performance. However, relational governance proves otherwise. It is also revealed that data-based contractual governance and data-based relational governance have an indirect, significant influence through effective strategic decision making on business performance. The main findings conluded the effective strategic decision-making is the right processing of big data to be used in achieving business performance. © 2026 Northeastern University, China.