Business Analysis Large Amounts Of Data Essay - 2189 Words

Business analysis is a significant aspect of any business and company. This is mainly because change is the only constant thing that needs to be constantly dealt with. Change can happen in both your target market and in the industry your business or company belongs to, and for your business to survive and succeed despite these changes, proper business analysis must be conducted at the right time. In such a cutthroat business environment, business analysis is essential in order to maintain competitiveness. In the report Big Data in Big Companies, by Director of Research Tom Davenport surveyed more than 50 businesses to understand how they used data. He found that they got value in the following ways: Cost reduction: Big data technologies such as Hadoop and cloud based analytics bring significant cost advantages when it comes to storing large amounts of data – plus they can identify and implement more efficient ways of doing business. Faster, better decision making: With the speed of Hadoop and in-memory analytics, combined with the capability to analyze new sources of data, businesses are able to analyze data immediately and make decisions based on what they’ve learned. New products and services: With theShow MoreRelatedThe Evolution Of The Data Stored Essay1556 Words   |  7 PagesHistory Data has always been analyzed within companies and used to help benefit the future of businesses. However, the evolution of how the data stored, combined, analyzed and used to predict the pattern and tendencies of consumers has evolved as technology has seen numerous advancements throughout the past century. 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It basically manages information change for making information more important and helpful from business perspective. BI systems are involved in many tasks and help to collect, store, access and analyze data for defining better processes and aid in better decision making. The main purpose of BI is to allow easy interpretation of large chunks of data and identifyingRead MoreBusiness Performance Management Assessment Tools1160 Words   |  5 PagesBusiness performance management is a set of management and analytic processes that enable the management of an organisation s performance to achieve one or more pre-selected goals. 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