DATA 2
Running Head: DATA 1
Data
Kenny Tran
Management Information Systems
9/4/2021
Data
The data are combined facts and statistics collected on transactions related to all aspects of the enterprise. It is essential for almost everything, in business it has enormous importance in keeping records, which are then used to analyze and make important decisions in the business. The data help to improve business processes by examining data on their past and current performance in the operation of the company. The bottom line of the business is directly connected with the righteousness of data collected and analyzed. Knowing the position and performance of the company is best possible with the help of the data available for the same. This can be demonstrated by the fact that the availability of data and proper use allow companies to discover the cause of any problem that prevents them from providing operational and functional excellence and can be better understood by another fact than the knowledge that is crucial for management and works in any company is based on enterprise intelligence. Corporate intelligence is a tool derived from big data. For example, data warehouses, ad hoc reporting, and cloud data services. This provides collective information from data, allowing decisions to be made under operational objectives and strategy. Business Intelligence is information that comes from data and generates knowledge for organizational work and technical experience. For example, for the sale of toothpaste, the company that manufactures it uses a marketing campaign, recently launched by the company. The data can be statistics of, for instance, 11,000, which is simple and raw data. This is turned into information like 11,000 people bought the campaign product. Business Intelligence has analyzed the information and discovers that the campaign is very effective at reaching people and has a wide range of scope for people. Knowledge is then developed to further improve this campaign and continue for a longer time to benefit from it and use it increasingly instead of other marketing tactics that the company was using previously. Data, information, business intelligence, and knowledge are mutually based and help management to improve business operations.
Data and information derived from them should be discussed with all employees in the company. Its implications for the company are better understood when shared with everyone. This is possible when the departments share the data collected by them with any other department of the company. This practice increases the effectiveness of the data, as it is possible to develop more ways to better analyze it through sharing. Data sharing provides each department with a vision of business processes and their effectiveness. There is also an increase in collaboration and teamwork between the departments. This directly increases the productivity of the organization. In addition, data can be of different importance and help for the different departments. For example, if data are collected in the production department that the inventory is lower than what is required, this leads the Department of Accounting to conclude that it must consult the budget and analyze whether there is sufficient budget for the additional inventory. The same data influence the sales and purchasing team to ask suppliers for more inventory and the Department of Operations Management to work with a limited inventory for a certain period. Based on this example, we can understand that the data have various implications for individual departments and that it is therefore extremely necessary to share them with all departments in the organization and with all employees as well. In doing so, the company reduces its chances of dealing with any sudden risks and implements “systemic thinking” in the workplace by allowing employees to understand how the organization works and what actions can have the results. This “systemic thinking” encourages employees and motivates them to contribute to the improvement of the company and the achievement of the company’s objectives.
Reference
Andrew Sirianni, C.(2017). The importance of data and information in business. dcode group. https://www.dcodegroup.com/blog/the-importance-of-data-and-information-in-business
Baltzan, Paige. Business Driven Information Systems. McGraw-Hill Education, 2021.
