Analyze big data for business decision-making.
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Scenario
Big data is the hot topic of the company you work for. With the majority of the world’s data being created in the last few years or an average of 2.5 quintillion bytes of data generated daily, it is the future of business decision-making. You are the Chief Information Officer for a large publicly-traded company and part of the executive leadership team. The executive leadership team consists of the Chief Executive Officer (CEO), Chief Finance Officer (CFO), Chief Marketing Officer (CMO), Chief Operations Officer (COO), Chief Information Officer (CIO), and Chief Human Resources Officer (CHRO). The Executive leadership team has asked you to prepare a presentation about big data and how it will be useful to the company and to each of the team members in their individual roles.
Instructions
Research any publicly traded company and create a PowerPoint presentation. Remember that each department officer wants to know how the decision to use big data will help him or her specifically. In your presentation, include:
1.)Title slide. Make sure to include the name of the publicly-traded company you are writing about.
2.)Definition of big data’s impact on analytical decision-making
3.)Summary of how big data could impact each department
Finance
Marketing
Operations
Information
Human Resources
4.)Analysis of one of the departments using the big data evaluation
Determine the scope (KPIs).
Discuss the planning (variables and measurements).
Discuss operations or implementation of the method.
What data visualization method could be used for results?
5.)A decision tree for implementing or not implementing big data for the company
6.)Final recommendation
Full Answer Section
- Finance: Big data can be used to improve financial forecasting, fraud detection, and risk management. For example, Amazon can use big data to predict future sales trends, identify fraudulent transactions, and manage its risk exposure.
- Marketing: Big data can be used to improve customer segmentation, target marketing campaigns, and measure the effectiveness of marketing initiatives. For example, Amazon can use big data to identify customers who are likely to be interested in its products, target marketing campaigns to those customers, and measure the success of those campaigns.
- Operations: Big data can be used to improve supply chain management, optimize production schedules, and reduce costs. For example, Amazon can use big data to track the movement of products through its supply chain, optimize its production schedules, and identify areas where costs can be reduced.
- Information: Big data can be used to improve IT security, manage IT assets, and make better decisions about IT investments. For example, Amazon can use big data to identify security threats, manage its IT assets, and make better decisions about IT investments.
- Human resources: Big data can be used to improve talent acquisition, employee performance management, and workforce planning. For example, Amazon can use big data to identify top talent, manage employee performance, and plan for future workforce needs.
Analysis of one of the departments using the big data evaluation
Department: Marketing
Scope (KPIs):
- The number of customers who click on Amazon's marketing campaigns
- The number of customers who make a purchase after clicking on Amazon's marketing campaigns
- The average order value of customers who make a purchase after clicking on Amazon's marketing campaigns
Planning (variables and measurements):
- The variables that will be used to measure the success of Amazon's marketing campaigns include the number of customers who click on the campaigns, the number of customers who make a purchase after clicking on the campaigns, and the average order value of customers who make a purchase after clicking on the campaigns.
- The measurements that will be used to track the success of Amazon's marketing campaigns include the click-through rate (CTR), the conversion rate, and the average order value.
Operations or implementation of the method:
- Amazon will use big data to track the performance of its marketing campaigns. The company will use this data to identify which campaigns are most effective and to make adjustments to less effective campaigns.
- Amazon will also use big data to target its marketing campaigns more effectively. The company will use this data to identify customers who are most likely to be interested in its products and to deliver marketing messages to those customers.
What data visualization method could be used for results?
- Amazon could use a variety of data visualization methods to display the results of its big data analysis. These methods could include bar charts, pie charts, line graphs, and heat maps.
Decision tree for implementing or not implementing big data for the company
- Decision: Whether or not to implement big data for the company
- Pros:
- Big data can improve decision-making, identify new opportunities, and reduce costs.
- Big data can help the company to stay ahead of the competition.
- Cons:
- Big data can be expensive to implement and maintain.
- Big data can be difficult to manage and analyze.
- Big data can be a security risk.
Final recommendation:
I recommend that Amazon implement big data for the company. The pros of big data outweigh the cons. Big data can help Amazon to improve its decision-making, identify new opportunities, and reduce costs. Big data can also help Amazon to stay ahead of the competition.
Sample Answer
itle slide
- Company name: Amazon
- Presenter: Bard
- Date: August 18, 2023
Definition of big data’s impact on analytical decision-making
Big data is a term used to describe the massive amounts of data that is being generated and collected every day. This data can come from a variety of sources, such as social media, sensors, and financial transactions. Big data can be used to make better decisions by identifying patterns and trends that would otherwise be invisible.