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Business and Finance

Business Intelligence And Knowledge Management

The success of every organization relies on how best it can manage the existing data and information in scaling operations. That is currently possible due to the exploration of business intelligence as well as knowledge management, concepts which never existed in the past. Ideally, the success of these components relies on the advancement of technology, which provides the right tools, such as SPSS, in data analysis.

Does this increase in data and computing power always benefit companies that employ these tools?

Every company needs to embrace timeliness in operations since it not only promotes scalability but also makes it possible to meet customer demands (Walker & Millington, 2003). The increase in data, as well as computing power, demands a small human resource since systems execute vital operations. That will save on cost while taking the shortest time possible. Moreover, customer loyalty is likely to increase due to effective and efficient services.

Associated Costs

Even though the utilization of technology is such a crucial instance within every organization, it is imperative to understand all the costs associated (Herschel, 2008). First, there is a need to account for expenses related to the development and acquisition of such a system. That should also encompass maintenance, deployment, training, and research and development. All these should cut across the management as well as other stakeholders.

Does more data always mean better decisions in the corporation?

It is not a guarantee, and managers should use other available options to get the best out of every process. That arises due to the risks involved when handling large data. The most important factor to consider should be the suitability of any given source of information. A specific chunk of data might not be relevant to the decision-making, and that is likely to create discrepancies on most occasions.

References

Herschel, R. T. (2008). Business intelligence and knowledge management.

Walker, A., & Millington, K. (2003). Business intelligence and knowledge management. Information Outlook7(8), 38-38.

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