Data and Databases
Data is a valuable resource. Therefore, data management has become an important administrative function. An effective data management plan should govern how to acquire, store, and secure organizational data. Remember, reliable data management plans depend on your ability to identify the value added to operational and strategic planning.
Read this chapter. Focus on the differences between data, information, and knowledge; why database technology for data resource management is important; and the role of database management systems. Answer the study questions at the end of the chapter. Why is data management valuable to the success of an organization? What are some common weaknesses in data resource management? How can they be mitigated?
Finding Value in Data: Business Intelligence
With the rise of Big Data and a myriad of new tools and techniques at their disposal, businesses are learning how to use information to their advantage. The term business intelligence is used to describe the process that organizations use to take data they are collecting and analyze it in the hopes of obtaining a competitive advantage. Besides using their own data, stored in data warehouses (see below), firms often purchase information from data brokers to get a big-picture understanding of their industries and the economy. The results of these analyses can drive organizational strategies and provide competitive advantage.