Big Data and Business Growth

Having the required resources to manage the data needed to make decisions is crucial to the success of businesses in today's environment.

Thursday, April 25, 2019

Today's data savvy organizations, those with a top-down approach to decision making, do a better job of extracting value from the data, explains a Coursera publication.

The report notes that according to Andrew Ng, Stanford professor and co-founder of Coursera, using "...data in the right way can be the path to solving critical business problems, which is the mission of business."

You may be interested "How to avoid errors in data analysis?"

"... Every person can and must obtain the data skills necessary to prosper in the economy of artificial intelligence. These skills will become the foundation of meaningful work in the near future."

Business leaders who want to remain competitive in the new data-driven economy should ask themselves some serious questions: How prepared are we for the digital transformation on the path? Are we taking full advantage of our data? Are our people fully equipped for the information that data science can offer? These are some of the questions raised in the publication.

Also see "Big Data to create new business opportunities" and "The Risks of Mishandling Big Data"

One of the conclusions is that "... While many business leaders want to transform their businesses into data savvy organizations, the challenge is to get there."

View full publication.

More on this topic

Human or Automated Customer Service?

January 2019

With the boom in data mining and the use of algorithms to make recommendations to customers, companies are beginning to face the decision of whether to provide "human" assistance or through bots.

At a global level, several companies have opted to develop their data analysis departments, with the aim of finding suitable information to develop models that automatically make recommendations to their customers.

The Risks of Mishandling Big Data

February 2017

When using data to make business decisions, companies must understand that having a lot of information is not the same as having real, verified and high quality information.

EDITORIAL 

Every day more and more companies are using new methods of analyzing information to make their business decisions, but on the path towards change it is all too easy to make the mistake of believing that having a lot of information,real, is the same as having real, verified and high quality information.

Business Information "Convenient for Me"

November 2016

The failure of polls on the presidential election in the US shows that in order to get the right information, data must be collected and analyzed with scientific rigor, free from any bias caused by the personal interest of pollsters and analysts.

EDITORIAL

Direct Access to Data Changes Management

May 2015

The increasing speed and ease of direct access to the information needed for decision-making, is drastically reducing the number of middle managers who used to be hired to provide them.

In companies of the last century when a sales manager needed information about last year's sales in order to take a relevant decision, he or she had to contact their assistant manager, who was responsible for collecting information and presenting it to the director. Nowadays, the direct and easy access to all information concerning day-to-day business allows the same director to touch a screen, get the information and make the decision, reducing costs and saving time.

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