ORG 726 Week-2 DQ 2 Describe the major data categories - Copy
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Describe the major data categories. Explain which types of data are best to utilize for analytics and BI. Support your answer. The major data categories are:
Sales data provides insights into what products or services are selling well, which ones are not, and how to optimize sales strategies.
Marketing data can be used to develop targeted marketing campaigns, understand customer behavior, and measure the effectiveness of marketing efforts.
Financial data allows businesses to track their income, expenses, and profitability. Additionally, this data can be used to make informed strategic decisions about where to allocate resources.
Operational data helps businesses understand their internal processes, identify areas of improvement, and track progress over time.
Web and social media data can be used to understand customer sentiment, track brand mentions, and monitor competitor activity.
Industry data helps businesses understand the competitive landscape, identify trends, and develop strategies for success.
Government data can be used to understand the regulatory environment, track economic indicators, and develop marketing and sales strategies, (Sharda, & Delen, 2021).
These data categories are important because they help businesses understand their customers, sales, marketing, financial performance, operations, and the competitive landscape. Additionally, data from these categories can be used to develop new business models that are aligned with sustainable development goals.
Explain which types of data are best to utilize for analytics and BI.
The type of data which is best used for analytics and BI depends on the specific goals and objectives of the organization. For example, if an organization is trying to improve customer loyalty, then customer data would be the best type of data to use. If an organization is trying to reduce costs, then financial data would be the best type of data to use. In general, the most important factor to consider when choosing which type of data to use for analytics and BI is the quality of the data. The data must be accurate and complete to produce reliable results.
There are four main types of data that are typically used for analytics and BI: structured data, unstructured data, semi-structured data, and transactional data.
Structured data is data that is organized into a predefined format, such as a database table. This type of data is easy to work with and can be analyzed using traditional BI tools, such as SQL queries and reporting tools, (Sharda, & Turban, 2021).
Unstructured data is data that is not organized into a predefined format. This type of data includes things like social media posts, emails, and images. Unstructured data is more difficult to
work with than structured data but can be very useful for things like sentiment analysis and text mining, (Sharda, & Turban, 2021).
Semi-structured data is data that is partially organized into a predefined format. Semi-structured data is somewhere in between structured and unstructured data in terms of ease of use but can be very useful for things like data integration and data warehousing, (Sharda, & Turban, 2021).
Transactional data is data that represents a record of a transaction. Transactional data is typically very detailed and can be used for things like fraud detection and supply chain management, (Sharda, & Turban, 2021).
There is no one "best" type of data to use for analytics and BI. The type of data that is best to use
depends on the specific application and the type of analysis that needs to be performed.
References:
Sharda, R., Delen, D., & Turban, E. (2020). Business intelligence, analytics, and data science: A managerial perspective, 4/e (4th ed.). Pearson Education.
Turban, E., Sharda, R., & Delen, D. (2021). Decision support and business intelligence systems (9th ed.). Upper Saddle River, NJ: Pearson Education.
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