Assignment 2 Roisin Nesbitt 15319796.docx - “A Reflection on The Way in Which Companies May Use My Data for Competitive Advantage” BU3650 Digital

Assignment 2 Roisin Nesbitt 15319796.docx - “A Reflection...

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“A Reflection on The Way in Which Companies May Use My Data for Competitive Advantage” BU3650 Digital Technology in Operations Dr Paul Lyons Roisin Nesbit 15319796 Word Count: 1068
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“I am Data” Data and the ability to analyse and create profit from it has become a major priority for all businesses of every size. The use of big data enables organizations to know fundamentally more about their business, and to translate that knowledge into better decision-making and improved performance. How data is created has changed from being manually digitised to being created digitally. The volume, variety and velocity at which data is being created has exploded exponentially. It has also now become a product which is passively produced and automatically collected (Lyons, 2019). Data has gone from being structured business data to becoming unstructured and extensive. Figure 1. shows the way in which data creation has grown and the different forms it may take. Companies are in the position to gain a multitude of benefits from the data provided by their consumers and created by themselves. Data can be utilised for decision support or for decision making. They way each element can be leveraged is shown below (Lyons 2019). Figure 1. Source: Paul Murphy Big Data Consultant Figure 2. Source: Paul Lyons TCD Decision Support Business Analytics Business Intelligence Data Analytics Decision Learning Machine Learning Artificial Intelligence Cognitive Intelligence
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Over the course of the last few weeks by recording the data I was sharing through my usual daily life online made me much more aware of the way in which I was giving away all of this information for free, and how in some cases - Netflix and Spotify - I was in fact, paying to do so.
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