STAT1060 Business Decision Making
Big data has gained much attention and power from the academia and the IT industry. In this modernizing world, information is generated and collected at the rate that rapidly exceeds the boundary range.
The principal challenge which comes with big data is to find ways to swiftly, accurately and also completely extract insights and value. It is not possible to deal with exabytes of any information, but there is a chance that a company has a lot of unstructured, unrefined data one could be transforming into value in various forms – example saving of cost, process optimization and also healthier bottom line.
It is possible to consider those challenges that come with Big Data as both big data problems and opportunities.
Big Data Challenge: Lack of Awareness, Education and Understanding process
Big Data Opportunities: Invest in analysis needs, education and also C-Suite Support.
To adopt change is very much difficult as it for the organization as it with individuals, it becomes very hard for those organization which is large, has a very conservative culture and also not begun to explore digital transformation. An honest evaluation of current data management capabilities is required to be done, data needs, volume of Big Data you are using as compared to volume of data you could be mining for actionable insights.
Proper engaging of IT department and also choosing software tools that properly provides support, education and training along with products.
Big Data Challenge: Huge availability of Big Data Applications
Big Data Opportunities: To Start with essential process to depicts data value
The most effective form to manage Big data effectively .is through optimizing your procure to pay process .To connect procurement with accounts payable ,P2P process is the perfect place to start taking control of vast data as it covers all data spent and also connects to every business process in organization involved .To proper choose a cloud based ,centralized procure solutions like PLANERGY provide companies immediate relief such as total spending transparency and also mobile friendly data access for all stakeholders and also advanced artificial intelligence tools that make very much easy to automate all the workflows and also analyses of data in real time basis .
Big Data Challenge: Digital Disruption Sounds Expensive
Big Data Opportunities: Digital tool is very much helpful as it creates value and also Saving on Day 1
The cost which needs to be included in the full cost of a box of 30 cans of coca cola for a corner grocery store that provides a free delivery within one kilometre of a store are as follows:
- Direct material or product procurement cost
- Direct labour cost
- Packaging Cost
- Delivery Cost
- Overhead cost which is directly related to the product need to form part of full product cost.
The cost information is very useful to the store manager as it will be helpful for the manager for the decision-making process and also it monitors the result of all functions in the company. I6 will also helpful to provide detailed analysis of costs, production cost calculation, quantification of loss and also estimation of work efficiency provides a very solid basis for financial control process.
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