Problems and Opportunities created by having too much data, and what to do about them
There is rarely an instance of business that you can encounter that does not involve the processing of data on information systems these days. Businesses and organizations use information systems in a majority of their functions, and as a result, are creating mass amounts of data. Because data is so crucial to business operations, it is being gathered, stored, and utilized in exponential amounts compared to the previous decade. These data stores can be extremely valuable, but can also be equally as expensive, creating both problems and opportunities for those data owners.
I believe that having vast amounts of data is more beneficial than it is harmful. Data is used in many ways and for many things. The benefits of having this data are evident in companies such as Google, Facebook, and even with the federal government. Their success in business comes from having the capability to store and access great amounts of data quickly and efficiently. This comes from the right combination of hardware, process, governance, and application. Knowing what data to gather, how to utilize it, and having the equipment and technology to utilize it appropriately puts these businesses and others like them, ahead of the game. Companies that cannot gather the data and handle it appropriately, tend to fall by the wayside in this information and information technology driven world we live in today.
Having vast stores of data can be overwhelming when it isn’t managed and utilized appropriately. However, when it is, that data can enable the owner to have the advantage over its competitors. Data is used for market analysis, streamlining business processes and functions, and much more. If you know what data is valuable, and how to utilize it, the more data you have the more of an advantage you have as well. As George Shen stated in his article on business intelligence and business...
Cited: Shen, G. (2011). Unplugged: the disconnect of intelligence and analytics. Information Management, 21(1), 14. Retrieved on November 28, 2012, from http://www.information-management.com/issues/21_1/unplugged-10019478-1.html
Trembly, A. C. (2010). The problem with data storage: way too much information. Information Management. Retrieved on November 28, 2012, from http://www.information-management.com/news/data_storage-10016887-1.html
Lohr, S. (2009). For today 's graduate, just one word: statistics. NYTimes.com. Retrieved on November 28, 2012, from http://www.nytimes.com/2009/08/06/technology/06stats.html?_r=2&em
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