Homework Question on Data Analytics
- Select one (1) industry or one (1) company that is currently using data analytics. Use the industry / company you have selected as the basis for your written paper.
- Write a four page paper in which you:
- Define data analytics in general and provide a brief overview of the evolution of utilizing data analytics in business.
- Analyze the main advantages and disadvantages of using data analytics within the industry or company that you have chosen.
- 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.
- Analyze the overall manner in which data analytics transformed the industry or company you selected with regard to customer responsiveness and satisfaction.
- 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.
Homework Answer on Data Analytics
Define data analytics in general and provide a brief overview of the evolution of utilizing data analytics in business
Data analytics is a science that deals with raw data for the purpose of drawing important information from the data and making calculated decisions (BusinessAnalytics, 2015). It is important for managers in companies in order to reap maximum profits at minimal risk. Apple Inc. Company is a leading company in the sale of electronics, mostly the iPhones and Mark brands.
Data analytics has come about as a result of information technology which provides a chance to make accurate and calculated risks. The advent of data analytics started with the traditional forms of data analysis which involved the use of past civilization. The current technological era has resulted into data analytics as a tool for making better decisions in business.
- Analyze the main advantages and disadvantages of using data analytics within the industry or company that you have chosen
Data analytics in business allows managers to make accurate decisions on investments destinations and nature of businesses. The success of any business heavily relies on accurate decision making and calculated risk taking. With data analytics both simulation and project evaluation and analysis (PERT) are possible hence leading to success in business. The most beneficial organizations heavily rely on data analysis. Apple Inc. as one of the most competitive electronic organization Worldwide has dominated the electronic industry because of the meticulous data analytics done by the employees and managers therein.