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INTRODUCTION.
To understand the question, one needs to ask themselves, what is data?
What makes up business environment? And how is data important to a
business environment.
Well data can be defined as a set of value of qualitative or quantitative
variables, an anthropologist work is an example of qualitative data the
handwritten notes, the interviews conducted.
So how do we get data? Data can be measures, collected, reported and
analyzed. It can be visualized using graphs, Images or other analytical tools.
In general concept, data is represented or coded in a suitable form for better
use.
Data has been an important part of the business environment over the years,
in decision making the management needs the correct information to help
them in taking decisions that pertain to the business. This in turn helps them
to prosper as an organization.
Hence my next question is what a business environment is. We know that
business is the exchange of goods and services with cash in hopes to make
profit, but is it the same as a business environment.
A business environment is according to your dictionary is the internal and
external factors that affects how a company operates. This includes,
management, employees, customers, supply and demand, and the business
policies put in place.
All these factor put in place help the business to progress if they work
together well in a harmonized manner.
In this topic I am going to try and understand the how well can an
organization get the best correct data it needs to make the necessary
decisions and for that I need to understand the role of data to a business
organization.
Accuracy: He simply puts it that the when you have inaccurate data you will
get poor results from the decision you made as an organization. He states
that you as an organization needs better insight to make business decisions
that is what data provides insight to improve the operation of the
organization. Accuracy is not only needed by management but by the ground
up meaning everyone in the organization needs to provide accurate
information.
Integrity: It no secret that information these days comes from all corners of
life and that the source pool is still growing. The ongoing development like
the internet of things mean machines are becoming an integral part to get
information. With all these in mind we need to prioritize data governance not
only will information come from different corners but it will be in different
formats. And not all employees will be singing from the same song with
different sources, information can be reliably determined. Hence. Decision-
makers need to know the heritage of the data and the lack of confidence the
can place on the information they have.
Another blogger AJ Agrawal posted on his blog in 2016 that data helps in
better targeting. Companies are determined to spend few advertising dollars
as possible for maximum effect. That is why they gather data on their
existing activities making changes and then looking at the data again to
discover what they have to do.
CONCLUSION:
The use of data in the business may be able to help and organization to tap
into the raising opportunities, it also encourages communication, helps in the
minimization of risks , establishes trend and market standing, and helps in
finding out possible problems. With all these the organization is able to make
better decisions that will improve customer satisfaction.
Data also enable an organization to be competitive and innovative this helps
them cement their standing in the society.