How are data used in your business / organization? Is it basic reporting or adva

Question

How are data used in your business / organization? Is it basic reporting or advance predictive analysis and data mining? What questions are being answered? How are strategic business decisions being made in your organization? Can you provide an example of a business decision that did or did not leverage data in your organization, what were the results?

If you do not work for an organization right now, do a Google search to find the answers to the questions above for a particular organization (be sure to provide links as a reference). Provide specifics.

Explanation / Answer

Data is considered to be a great asset for the organizations today and the concepts of data mining and data analytics have increased the importance of data. Business organizations today are aware of the importance of data and are using data in data mining and predictive analysis along with demand forecasting of any particular product or service. I work for a insurance giant in the United States of America and the organization primarily use data for reporting purpose the bulk of data that is maintained is to serve the purpose of reporting but data also is used for predictive analysis for example the demand of a product is used to determine in such cases and the organization has been quite successful as it has prioritized data use and analysis to predict the future of the organization to some extent. Strategic business decisions in the organization is done based on a systematic way and data is the reference which is used in this purpose. Past data is used as a reference in this context in order to make the future better.

Generating interesting and new information related to the business with the help of data is a concept quite effectively used by organizations today which require proper maintenance of data and also concepts to extract, transform and load data accordingly. The decisions are generally based on data reference for example collaboration with a software organization was executed and there was a lot of data analysis done regarding the organization and the collaboration which has to potential to mutually benefit both the organizations and generally decisions without data analysis is not taken because that is considered to be a risk at present.

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.