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The Importance Of Data Trends In Big Data

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Nowadays, it seems that almost anything and everything is available online at any time. You can check email from your phone, find friends, order food, and even manage employees. Apps these days are producing extraordinary amounts of data from a wide array of sources. With such a large volume of data being passed online, it was only a matter of time before companies would want to analyze this raw data to better understand and improve the day to day operations and functions. Companies like Google can use your browsing data to target advertising (Google, n.d.) and help improve functionality of their proprietary apps like Google Maps (Mehta, 2016). Hospitals use clinical based data to study patient trends, which gives a better insight into…show more content…
In addition to using analytics for employee management, employers can use data to create accurate and advanced employee schedules. Utilizing key performance indicators, forecasting software allows employers to accurately forecast business volume and labor. This software is able to create fairly precise forecasts based on specific metrics, including sales, traffic, transactions, and units sold. Since point of sale and transactional data is generally electronically stored, this software was primarily used mainly in the retail sector. However, with the growth of electronic record management among healthcare providers, organizations are able to utilize a wide array of data to optimize their schedules. By leveraging historical volume data by day, week, month, and shift, healthcare organizations can create an accurate workload plan. Using predictive algorithms, the software can utilize real-time data from admission/discharge and transfer systems to generate intelligent labor forecasts (Kronos, n.d). A question I hear quite often is, “how much does it cost to analyze and use this information?” Unfortunately, this software does not come cheap. According to Cindy Waxer, a freelance journalist who has been published in The Economist and MIT Technology Review, “An HR analytics platform alone can range from $400,000 to $1.5 million for a company with 5,000 full-time employees” (Waxler, 2013). This estimate doesn’t include hiring new staff to implement the software or training
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