Mgmt 393 Unit 4 Study Guide

Data are “raw facts that describe the characteristics of an event or object” (Baltzan 6). Managers used to have to collect data manually along with analyzing it. This was a very time consuming process which could also be complicated in different aspects. If businesses lack data this can cause them to make unethical business decisions. For example, if they don’t have the correct data needed they may order in too many products or not enough causing a surplus or shortage in products/supplies. Being able to collect and analyze data quickly everyday helps make a business make better decision. Data in this day and age is important for a business to obtain so they can make the best possible decisions for their company to be successful. This can help a business know how much to order, how much was sold, and their customer numbers. A company can also see where they are getting most of their customers from when collecting data from surveys. Data allows us to see if a company is doing good or bad and

Sub point 1: Through the system engineering process, we will have a better product or process in hands of the customer. As the results, it will help reduce the errors in production and through-life costs. It will also help us able to manage and afford the change of the system. Through the process, we also improve our learning about the system and improve the reliability of it.

Data: it’s very important because most companies and organizations generate, store and process large amounts of data.

Companies are facing a highly uncertain environment due to financial-crisis, global economy, and dealing with high-competitiveness. The value encompassing the culture of leveraging people, process, data and technology. The shared core-values and priorities of an organization has becoming essential for intelligent enterprise (Stubbs, 2014) . As Evan Stubbs described in his book (Stubbs, 2014), we need skilled employees who are involved in applying business analytics, comfortable leaders with uncertain environments and planning for unknown unknowns. Process must be linked to achieve an outcome and strongly defined, further to create specific steps that can be automated. Not less important – data and measure process for future analysis and decision-making process; convert simple data to valuable information for executives. And the technology enables to produce assets.

In the increasingly competitive global business environment, each organization needs to take advantage of every tool, opportunity, and advantage it can to achieve the best products and services, to gain and maintain market share, and keep stakeholders happy from investors and workers to supply chain and customers. The advance of data analysis has opened up new vistas to support decision making. Decision support systems (Sauter, 2010) have emerged that process various forms of data to build outcome models. These have been adopted in every segment of society, in the private and public sector, from political campaigns and the military to corporations and nonprofits alike. As a whole, the new set of tools involving the strategic use of data is called business intelligence. Within that general framework, the term analytics refers to the statistical, quantitative use of data to produce explanatory and predictive models for fact-based decision making. (Sauter, 2010).

Business intelligence (BI) is a technology-based procedure for analysing data and giving decision based information to help corporate executives, business managers and other end users make more informed business decisions. BI comprises a variety of tools, applications and methodologies that enable organizations to collect data from different sources such as internal systems and external sources, prepare it for analysis, develop and run queries against the data, and create reports, analytic dashboards and data visualizations to make the analytical results available to corporate decision makers as well as operational workers. Simply put, Business Intelligence is technology process that assists in the conversion of raw data into meaningful information. It helps you analyse the past and come up with the strategy to improve the future. When organizations carry out their day- to -day operation, raw data is generated and mostly stored in a database .This data needs to be analysed and meaningful information extracted from it. Based on this output, come up with future strategy that will grow the company. Making future decisions directly from raw data is impossible as a result there is need for the data to be converted into meaningful data. Management makes use of this information to take fact based decision that will result to a better future. The data used for Business Intelligence analysis comes from OLTP (Online transaction processing).These are daily transaction that takes place

Business intelligence solutions is a set of tools and techniques that are designed to transform the decision making process of an organization. It uses a variety of software to analyze an organization raw data. It is built on the existing investments so that the employees can get access to current and accurate information. IBM is an example of the modern organizations that are offering virtually everything that a business may require in terms of software, hardware to industry specific applications (IBM, 2014). This chapter will compare and contrast how different organization employ business intelligent solutions, how the dash boards may help average users , the role it play in a competitive advantage and organizational strategy and more so how Big data and business intelligence work.

Technology has of course made its way into the workforce, which most businesses and organizations have embraced. Technology has allowed information technology personnel’s to cultivate innovate ways to upgrade business processes and make them more accessible, easy to navigate and user friendly. In addition, the power of technology has made the workload a lot easier, for example cutting back on paperwork and creating software to where information can be safely stored and accessed by authorized workers.

Business Intelligence can be considered as a technology-driven process used for fetching useful and meaningful

Today, our society is bombarded by data driven business society. Data are facts and statistics collected together for reference and analysis. It can also be measurements, values, words, observations or even descriptions. Data has a lot of use. Companies can use data to gather information on how things work. It can even be used to differentiate things and find their similarities. Data is basically a tool for research purposes. Data became one of the prominent assets of the today’s business industry. From the traditional manual surveys and online surveys up to different types of data gathering methods, big companies are spending millions and millions of dollars just to improve their business through the use of data. Data became such

Data collection is necessary for every business to run, and companies use many internal and external data sources to collect data and then convert this data into information and using it for the company’s benefit.

1-1 E-mail, online conferencing, and cell phones have become essential tools for conducting business. Information systems now become one of the major parts, which make a huge change in the way people, conduct businesses, products, and services. Many businesses today use the information technology to advertise new products, sell goods, and ask for customers’ feedbacks.

The course, Management Information Systems is about the major impacts of modern technology on business management. It allows us to look at our history and future of computer hardware and information systems in regards to the way we conduct business. This paper will touch on topics such as technology management, technology innovations, telecommunications and internet technology, voice recognition, internet tracking, artificial intelligence, and organizational change. These topics impact the way our economy deals with business and how the advancements in technology have affected those outcomes, as well as, how we deal with implementing all the changes.

The advancement of technology initiates business firms to seek for new innovations that would greatly help in business functions. As what Dillon and Kruck (2004) had explained, “at the start of the 21st century, business organizations are facing an explosion of global competition and innovation and facilitating this explosion is the increasing ability of organizations to make good business decisions based on the large amounts of information their enterprise produces”. In this environment, it is necessary for a successful business to integrate information technology into its basic process. And with

Today, we are living in a data driven world and therefore, technology that gather, record, process and converts the data into a meaningful form of data and results for people, has a fundamental value for the community and is at the very heart of almost every organisational experience. Though, majority of humans take for granted the impact and usefulness of technology, information technology system (ITS) is the key which connects people, organisations and social systems. (Katz and Kahn, 1978).