The New Frontier: Data Analytics Letisha Baynes Strayer University Information Systems Decision Making (CIS500) Professor Raied Salman February 6, 2016 The New Frontier: Data Analytics What is Data Analytics? Data Analytics is the science of examining raw data with the purpose of drawing conclusions about that information. According to Turban, data analytics refers to the specialized software, capabilities, and components geared towards exploring huge volumes of data to provide greater insight and intelligence quickly in order to sale, market or influence the sale of a campaign. Looking closely, you will find that data analytics is used by several businesses and industries to help companies make more informed business decisions and …show more content…
The disadvantages for data analytics for businesses come as no surprise. A major disadvantage of data analytics is the time and cost it takes to thoroughness of actually analyzing the data. The reason being is the massive amount of data in both structured and unstructured formats. With the number of different data types that can be combined, reviewed and analyzed in order to find relevant and useful business information and patterns, can prove to be a challenge for any analyst. Data scrubbing or data cleansing includes a significant amount of time to analyze, but there are tools that can be used to ease the cost associated with manually fixing any …show more content…
By analyzing data from the organization the organization was able to determine customer’s needs and wants which in turn help respond to customers in an expeditious with quality and quantity. The golden rule is the customer comes first especially in the business of supply and demand. Data Analytic Trends Current trends that data analytics are looking towards are to “find a process that is poorly tracked. Install simple sensors along the process and feed the collected real-time data to the cloud. Then use sophisticated analytics to feed actionable insights back to business people using mobile interfaces. For bonus points, add complementary third-party data sets, offer industry benchmarking, and encourage community best-practice sharing”. As the world’s data continues to grow exponentially, Data analytics will be required at every level. Many companies are looking toward using cloud storage and real time data acquisition within the IT architecture. Sensors give an added capability of capturing data that may otherwise go unnoticed. Technology is a determining factor in the future trends of data analytics. IT architecture and data analytics are always confronted with the fact that upgrades, employee training, and applying new business models is inevitable with respect to new
As you can see from the points above it is vital to give good customer
Without good customer service and keeping your promises, your company would have loyal customers. According to 5 Focusing Steps, “If you’re not yet sold on the idea, consider that a 2 percent increase in customer retention has the same effect as decreasing costs by 10 percent. Not only that, but it costs over six times more to get a new customer than it does to keep one.” Customer satisfaction should be a golden rule of all companies.
In the past number of years data has grown exponentially. This growth in data has created problems that and a race to better monitor, monetize, and organize it. Oracle is in the forefront of helping companies from different industries better handle this growing concern with data. Oracle provides analytical platforms and an architectural platform to provide solutions to companies. Furthermore, Oracle has provided software such as Oracle Business Intelligence Suite and Oracle Exalytics that have been instrumental in organizing and analyzing the phenomenon known as Big Data.
Sallam, Rita L; Tapadinhas, Joao; Parenteau, Josh; Yuen, Daniel;Hostman, Bill (2014, February 20). Magic quadrant for business intelligence and analytics platforms. Retrieved from http://www.gartner.com/technology/reprints.do?id=1-1QLGACN&ct=140210&st=sb
Focus on the needs of the customer and put the needs of the employee second, follow by the need of the leader as the last so to develop and grow the relationship of the customers while strengthening the
But then here is the question that we might ask, is profit the only element that should be considered when making business decisions? In my point of view, the answer is no as I will try to demonstrate throughout this paper. One quick alternative to what should be the first top priority of a business is creating a customer, Dr. Peter Drucker said. According to him “The customer is the foundation of a business and keeps it in existence”. He alone gives us employment.
Strive to earn customers’ long-term loyalty by working to deliver more than promised, being honest and fair to provide exceptional personalized service that creates a pleasing business experience.
Companies have transformed technology from a supporting tool into a strategic weapon. ”(Davenport, 2006) In business research, technology has become an essential means that many organizations use in their daily operations. According to the article, Analytics is a major technological tool used. It is described as “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.
Now days, companies are searching for new ways of gathering data so that they can get useful data in order to make well informed decisions regarding the market they are operating in. Google analytics is considered one of the best tools offers extensive amount of data to business owners for free. However, the success of business is highly depended on how well they can arrange data and customize their collected data corresponded to their business priorities. Google analytics provides beneficial information for companies regardless of their extent of operation.
In today’s society, technology has become more advanced than the human’s mind. Companies want to make sure that their information systems stay up-to-date with the rapidly growing technology. It is very important to senior-level executives and board of directions of companies that their systems can produce the right and best information for their company to result in a greater outcome and new organizational capabilities. Big data and data analytics are one of those important factors that contribute to a successful company and their updated software and information systems.
-Customers: The company felt the importance of being customer-centric and innovate by adapting to customer
First of all, business intelligence analysis requires the capturing of information and storing in a single location for effective data analysis. Currently, data analysis is supported by transactional systems, business specific data marts, and other ad-hoc processes. Information is distributed making it difficult and time-consuming to access. Business teams have adapted to this environment by creating user maintained databases and manual “work-arounds” to support new types of reporting and analysis. This has resulted in inconsistent data, redundant data storage, significant resource use for maintenance, and inefficient response to changing business needs.
We are in the midst of a revolution in business. Some call it a customer revolution, others a quality revolution, others a service revolution. Organizations are attempting to obtain increased customer satisfaction by focusing on the quality of their products and the service provided. This movement toward quality has produced significant benefits but just like other business fads, joining and adopting the religion does not insure that the real objective of producing customer satisfaction will be obtained.
The dynamics of our society bring many challenges and opportunities to the business world. Within the last decade, hundreds of jobs have emerged particularly in the technology sector to help keep up with the ever-changing world and to compete on a larger and better scale than the competition. Two key job markets and the basis of this research paper are business intelligence or BI and data mining or DM. These two fields play a very important role in small to large companies and are becoming higher desired sectors within the back offices of the workplace. This paper will explore what the meaning of BI and DM really is, how they are used and what we can expect as workers and learners of the technology and business fields for the future.
When organization always provide high-quality products and good services, customer will create their satisfaction and increased customer loyalty.