Data and Technology in Business - 1053 Words

Data and Technology The successful companys activities (management) are related to collection, storage, and analysis and interpreting data. The purpose of data collection is to get hold of information and to continuously record and to make decisions on key issues. Data collection is the storage of data and prepare for the future process. Moreover, every piece information is a valuable resource in business, such as cost of production, share prices and exchange rates, company reports and market research. The information (data) is mostly collected about their own organisations to analyse themselves and given to other companies to analyse it. Also, the up to date and accurate information (progress of the business) helps to managers and employees involved in making decisions. There are two types of data that usually used in businesses, the quantitative and qualitative. The quantitative data is a business or financial analysis, performance that aims to understand behaviour by using complex mathematical and st atistical modelling, measurement, research and display the results, using the charts, histograms, tables and graphs. Quantitative analysis can be done for a variety of reasons, such as the measurement, performance estimation and calculation of the number of financial instruments (earnings per share, popular product, cash flow and costs). Moreover, surveys and the use of government publications are common methods of collecting quantitative data. For example. Tesco has theShow MoreRelatedCurrent Business and Technology Conditions That Complicate Effective Application of Business Analytics to Business Intelligence and Knowledge Management Data, and the Prospects for Improvement1130 Words   |  5 PagesCurrent business and technology conditions that complicate effective application of business analytics to business intelligence and knowledge management data, and the prospects for improvement Businesses have collected data for many years. Most of the data they collect has been for historical purposes, such as how much of an item has sold and what are the profits gained from those sales. Business intelligence allows one to take that data, manipulate as you see fit and generate reports. 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