In this highly competitive business environment, businesses are constantly seeking ways to gain traction and understand what is on the minds of current customers and potential customers in order to increase business efficiency. Many companies have turned to business intelligence (BI) and data analytics.
Write a four to six (5-6) page paper in which you:
- Define data analytics in general and provide a brief overview of the evolution of utilizing data analytics in business.
- Analyze the main advantages and disadvantages of using data analytics within the industry or company that you have chosen.
- Determine the fundamental obstacles or challenges that business management in general must overcome in order to implement data analytics. Next, suggest a strategy that business management could use to overcome the obstacles or challenges in question. Provide a rationale for your response.
- Analyze the overall manner in which data analytics transformed the industry or company you selected with regard to customer responsiveness and satisfaction.
- Speculate on the trend of using data analytics for the chosen industry or company in the next ten (10) years. Next, determine at least one (1) additional type of data that one could collect by using data analytics. Provide a rationale for your response.