You have explored many options for managing data as well as its importance to the overall health of an organization in making well-informed decisions. Many organizations feel that they have to utilize powerful and expensive solutions, but there are also cheaper alternatives. For example, MS Excel can be a great tool to manage data and identify answers to any questions. Thus, whether your organization is big or small, all the tools need to be evaluated to determine the one that will work best, not only in managing the data but also in lowering the overall cost. Managing cost is important, as you do not want to implement a solution that will bankrupt the organization; that, in itself, is an ill-informed decision.
Respond to the following:
- What would be some of the mistakes or consequences of not investigating the costs associated with the organization's information systems (data collection) choice? Besides going bankrupt, what other effects could it have on the organization? Could it lead to bad decision making? Explain.
- What systems does your organization utilize, either as a whole or per department? Is this solution effective? Why or why not? Is there a solution that would be more effective? If not, explain why.
- With the various solutions available today, which one do you think would work best for you? Meaning, which of these solutions (such as MS Excel or a decision-support system) would work best on the following criteria:
Ease of use
Interpretation of data
Sharing of data
- Often, we think of business analytics as only for businesses. However, can any of these tools be used for personal decision making? Provide some examples of how you could utilize these tools.