Wk 2 Discussion – Metrics and Information Visualization The most frequently used measures of central tendency for quantitative data are the mean and the median. The following table shows civil….
Which are the three most relevant lessons learned for this reading? Please explain why? Analyze and discuss in great detail
Which are the three most relevant lessons learned for this reading? Please explain why? Analyze and discuss in great detail.
1 – Companies that are data driven usually demonstrate better performance and greater success. Times are evolving, and technology is a big part of the evolution. Companies that decide to evolve and keep up with these changing times are usually the smartest ones. In our today’s world, most of the companies use technology and data to better focus their marketing and selling strategies. Companies who are not willingly ready to take advantage of the benefits these new advanced data-technologies usually fall behind. According to the reading, a research that was conducted by the MIT Center for Digital Business demonstrated that companies that embraced data are on average 5% more productive and 6% more profitable than their competitors.
2 – The use of data leads to better predictions, which in turn leads to better decisions. Just like the example that the article described Amazon, among many other companies, uses data collected from online customers to influence their decisions. If a customer spends a great amount of time looking for an item, the system itself will automatically update the information about the type of items or products the customer is interested in. These are personalized data that the system collects and is unique to every single customer. Based on the data collected, then the system itself will make predictions about what type of items the consumer would like to look at. This big-data strategy will captivate the attention of the customers, present other potential purchases that could satisfy their needs, and therefore lead to increasing sales.
3 – Data offers volume, velocity, and variety. Data not only enables companies to gather a large pool of information that is constantly updated, but it also offers them the possibility to access historical information at any point. Although information is gathered every minute, it never gets erased. This allows companies to design and project strategies based on history, patterns, and previous information that can be used to resolve problems and current situations. Another important characteristic of big data is that it collects information in real time, allowing users to manage and strategize action plans in order to attract more customers, reach a higher client-satisfaction, and beat competitors. The variety of data is eminent. We can accumulate large amounts of digital information in various devices and in different forms. We are able to use smartphones, computers, movement-detection cameras, and GPS devices. The information that we receive from these devices are useful in tracking location, detecting high demand products, ensuring safety, and targeting more potential customers.