Companies are now able to measure their performance on many levels. Processes that were never able to be measured before are being able to be analyzed and measured. For instance in retailing, companies have instant feedback from the consumer through increased technological capabilities like company websites, blogs and social media outlets. Never before has such information been delivered so quickly. Before these technological advances a customer would have to call and log a complaint through several channels of personnel or write a letter and send through snail mail. Now they can simply post their feedback and it is delivered instantly. This is an advantage to companies. This data can be processed quickly and it can be used a tool for improvement. However, with some data processes it is not so easy to use the information to improve processes. Sometimes there is too much information wade through. Careful choosing of what to focus on is extremely important.
With large amounts of data pouring in, come problems to be aware of and be proactive about. Some issues that will arise are privacy protection, great financial exposure in fast moving markets, risk for losing sight of most important information, and risk of wasting time and money while not defining the real problems.
Databases are growing exponentially. While customers are logging in and providing crucial information for questions and orders, this information is being stored. Protection of this information is crucial. We just saw this past holiday season that Target has taken a big hit because of the breach in security of their online and in-store purchases. Consumers have lost faith that their personal information will be protected when shoppin...
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...onger belongs to the people that possess these individual lives. It is a risky an audacious frontier that we are heading into. I believe that “BIG-DATA” brings “BIG RISKS.”
Attiksson, S. (2013, Dec. 20). High security risk found after healthcare.gov launch. Retrieved from http://www.cbsnews.com/news/high-security-risks-found-after-healthcaregov-launch/
Bonacorsi, S. (2013). Step-by-step guide to using pareto analysis. Retrieved from http://www.processexcellencenetwork.com/six-sigma-quality/articles/using-pareto-analysis-to-divide-and-conquer-impro/
Fisk, L. (2011, Feb.). Leveraging the power of facebook. Retrieved from http://socialmediatoday.com/lindamfisk/385515/leveraging-power-facebook
Jordan, J. (2013, 10 20). The risks of big data for companies. Retrieved from http://online.wsj.com/news/articles/SB10001424052702304526204579102941708296708
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