Essay On Data Analytics

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In this highly competitive business environment, businesses are constantly seeking ways to gain traction and understand what is on the minds of current customers and potential customers in order to increase business efficiency. Many companies, such as American Express have turned to business intelligence (BI) and data analytics to maintain a competitive edge over the competition. In this paper, the author will define data analytics and provide a brief overview of the evolution of data analytics in business. Additionally, the author will identify both advantages and disadvantages of using data analytics within American Express. Furthermore, the author will determine the fundamental obstacles or challenges that business management in …show more content…

“Databases, data warehouses and marts, and BI encompasses technology that make it possible for managers to make decisions and act with clarity, speed, and confidence”, states Turban (2013). Analyze advantages and disadvantages of using data analytics within American Express According to Turban (2013), the processes required to conduct data analytics are both intricate and expensive. Data contains errors and incomplete information. Data is also unpredictable and repetitive. Dirty data costs time and resources to extract information that can be utilized for analysis. Experts must be able to detect and collect data that is reliable from any number of sources that are in various formats and this may pose a challenge to some companies.
In contrast, data analytics is instrumental to businesses and facilitate growth to customer base and sustainment of customers. Additionally, data analytics supports continuous improvement to operational efficiencies, transforms and automates financial processes, and detects and deters fraud (Turban 2013).
The fundamental obstacles management must overcome to implement data analytics
“Data analytics to gain insights and a competitive edge is one of the biggest opportunities and challenges facing managers,” states Turban (2013). Business management must be able to understand and manage the data collected in data bases, data warehouses, data marts through Business

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