The New Frontier: Data Analytics Essay

1232 WordsMar 25, 20155 Pages
The New Frontier: Data Analytics Yvonne Mitchell Strayer University Professor Raied Salman Info Syst Decision-Making January 12, 2015 The New Frontier: Data Analytics What is data analytics? How has its use in business evolved over time? What are the advantages and disadvantages of using data analytics within a specific company or industry? Are there any challenges or obstacles that business management must overcome in order to implement data analytics? If so, is there a strategy that can be used to overcome those challenges or obstacles? How has data analytics transformed the healthcare industry with regard to customer responsiveness and satisfaction? Within the next ten years, what do you think the trend in using data…show more content…
The results of data analytics may be used to identify areas of key risk, fraud, errors or misuse; improve business efficiencies; verify process effectiveness; and influence business decisions. The success of data analytics cannot be achieved if it isn’t aligned to the company’s business objectives, if risk is not properly managed, or the overall process is not planned, designed, implemented, tested and governed effectively. When implementing data analytics, organizational leaders must consider how they can maximize ROI, how it complies with project budgets, how they can manage false positives, and how to ensure the protection and confidentiality of their data sources and results. The process of securing high-quality data can become overwhelming, costly and time consuming. Another issue that makes data analytics time consuming is being able to find useful data, access it and understand how it affects your business. The healthcare industry is flooded with information from numerous sources. This information is spread among hospitals, primary care providers, researchers, health insurers, and state and federal governments, etc. This is where IT reliability and efficiency comes into play. Management and analysts need to be able to rely on the availability, accuracy, accessibility,
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