Data and Technology in Business

It is usually presented in the form of a report in tables, charts, statistics, and graphs or on spread sheets etc. This data may be used to arrive at important decisions within the organisation or with external organisations. So the data report has to be produced in such a way that it meets the aims and

A database is the outcome of contribution and accumulation of knowledge. And the utilization of database also requires the collaboration of works and knowledge of analytic skills and business management. From data to valuable information, it is a process of the exchange of ideas, a journey of seeking the meaning in relationships, and a mixture of wisdom, which is fulfilled by a group of business analysis professionals. The strong desire of being a business analytics brings me to the front door of Rady School of

The major of statistics is used in everyday life whether it be through experiments or analyzing data for a company. With the use of statistics, it is not only important to know how to analyze data, but also how to communicate the information to others. Using the communication skills can help companies sell more products and save money on advertisements. With the advancement of digital and/or electronic communication technology, the field of statistics is growing rapidly and their findings are becoming more accurate. Post graduation I intend on working for a company doing business analytics for the products they sale. In this final paper, I will explain to you how the advancement of digital communication

3. Management information systems - used to collect qualitative as well as quantitative information for decision making within organizations

Data management is vital to any business as this is a key tool to an organisations business improvement, as you can refer back to data, and compare them against benchmarks. Analysing data can provide evidence for possible future structure such as identify trends, as well as indicate where improvements can be made. However there are strict procedures to be followed when collecting and storing data.

Data are “raw facts that describe the characteristics of an event or object” (Baltzan 6). Managers used to have to collect data manually along with analyzing it. This was a very time consuming process which could also be complicated in different aspects. If businesses lack data this can cause them to make unethical business decisions. For example, if they don’t have the correct data needed they may order in too many products or not enough causing a surplus or shortage in products/supplies. Being able to collect and analyze data quickly everyday helps make a business make better decision. Data in this day and age is important for a business to obtain so they can make the best possible decisions for their company to be successful. This can help a business know how much to order, how much was sold, and their customer numbers. A company can also see where they are getting most of their customers from when collecting data from surveys. Data allows us to see if a company is doing good or bad and

The data can be used to classify employees and work units, and to award raises or promotions. Additionally, you can also use such data to justify the termination or discipline of poorly performing workers. If you operate a manufacturing company, for example, you may track quantitative data that details the number of units that each worker produces over a particular period of time. Service companies often track the number of worker-client interactions on a daily basis. You can gather data over long periods of time such as a month, quarter or year. Some businesses, however, prefer to review production data on a daily basis to ensure that workers are being productive at all times.

Explain the reasons for choosing the particular method of data collection for a selected product/service.

Since the 1970’s databases and report generators have been used to aid business decisions. In the 1990’s technology in this area improved. Now technology such as Hadoop has gone another step with the ability to store and process the data within the same system which sparked new buzz about “big data”. Big Data is roughly the collection of large amounts of data – sourced internally or externally - applied as a tool – stored, managed, and analyzed - for an organization to set or meet certain goals.

Using your own organisation information to identify a specific area of data. Analyse the data and present your findings in a way that will assist an aspect of decision making in the area of data selected. Your analysis should be presented in a report covering:

Secondly the business would need to collect Quantitative Data. Quantitative is data that can be measured or can be counted. This type of data is the complete of opposite of qualitative data

I have always been interested in data, but the thought of processing data intimidates me. I think it scares me because there is a lot of data out there and I wouldn’t know what to do with all of the data. I feel like I would spend more time organizing the data, than I would actually processing into something useful. Then I learned in this week’s lecture that I should not be as intimidated as I am because it’d just data and much of the data collected without a strategy is useless. Too much data is not a good thing because it slows down the whole operations. Company should conduct a strategy first and figure out what they want the data to tell them before conducting any form of research. Once you have the key metric is completed, you can start

Watson Analytics is a cognitive science that is meant to bear some of the load executives face when preparing the data, while making it

We have also collected data from the securities market, different websites, different books and different journals.

In every long term strategic planning, many companies considered data collection and analysis as a fundamental activity. Big companies that strive to achieve a sustainable advantage over their competition made use of information management system to help them analyze their data. These activities have evolved to what is now known as business intelligence of BI.