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Information Systems for Decision-Making

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Write a five to six (5-6) page paper in which you:

1. Define data analytics in general and provide a brief overview of the evolution of utilizing data analytics in business.
2. Analyze the main advantages and disadvantages of using data analytics within the industry or company that you have chosen.
3. Determine the fundamental obstacles or challenges that business management in general must overcome in order to implement data analytics. Next, suggest a strategy that business management could use to overcome the obstacles or challenges in question. Provide a rationale for your response.
4. Analyze the overall manner in which data analytics transformed the industry or company you selected with regard to customer responsiveness and satisfaction.
5. Speculate on the trend of using data analytics for the chosen industry or company in the next ten (10) years. Next, determine at least one (1) additional type of data that one could collect by using data analytics. Provide a rationale for your response.
6. Use at least three (3) quality references. Note: Wikipedia and other Websites do not qualify as academic resources.

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The response addressed the query is posted in 1660 words with APA References.

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The response addressed the query is posted in 1660 words with APA References.

/It is found that technology is advancing day by day, and the companies need to use the latest technology to satisfy the needs of their customers. Data Analytics is a process which makes easier for a company to gain information. In this context, the definition of Data Analytics is given.//

Data Analytics

Data analytics is a process, where the raw data is processed to carry out useful information and draw conclusions out of the data acquired. Data analytics is considered as a useful technique as it is used by many companies and industries to make power of decision-making better (Runkler, 2012). Industries or companies are also found to use the process of data analytics because it helps in verifying or disapproving a model or theory based on the data processing. Data analytics is also referred as a qualitative and quantitative process, which is used to improve the productivity of a company and helps in gaining profits (Runkler, 2012).

Data analytics is a different approach from data mining as data mining focuses on carrying out results on the basis of large data sets and use of software to identify the results while data analytics is solely based on the pre-acquired knowledge of researcher (Runkler, 2012). In data analytics, a researcher focuses on the interference and the process, which leads to the conclusion. In data analytics, the data acquired is divided into different categories so that the researcher is able to identify the behavior and also analyze the behavior of the data pattern. This helps in understanding the pattern that varies from organization to organization based on the requirements (Runkler, 2012).

//The technology of Data Analytics has evolved since 1954. The evolution has made easy for the companies to handle a large amount of data that can be structured or unstructured. In this regard, a brief overview is given of utilizing Data Analytics in businesses.//

Overview of Evolution of Utilizing Data Analytics in Business

In businesses, knowledge is considered as power because the businesses, which are able to acquire knowledge and information in a huge amount, are able to compete with their rivals. Data analytics helps a business to gain information by using a fewer amount of data sets (Attunity, 2013). With the usage of fewer data sets, there is a reduction in the time taken to process the data in order to acquire useful knowledge. With the evolution of big data analytics, companies find it easier to extract knowledge that is useful for business gain. Previously, it was difficult for the companies to manage structured and unstructured data and gain information, but with the use of data analytics, information processing has become easier (Attunity, 2013).

It was found that, according to an industry expert, Thomas Davenport, the world of the information system is entering a new era. This new era is defined as Analytics 3.0 ...

Solution provided by:
Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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