Assignment 1 Discussion: Techniques And Tools For Managing

Assignment 1 Discussiontechniques And Tools For Managing The Datayo

Using the Argosy University online library resources and the Internet, research tools and techniques of managing data. Respond to the following: · What would be some of the mistakes or consequences of not investigating the costs associated with the organization’s information systems (data collection) choice? Besides going bankrupt, what other effects could it have on the organization? Could it lead to bad decision making? Explain. · What systems does your organization utilize, either as a whole or per department? Is this solution effective? Why or why not? Is there a solution that would be more effective? If not, explain why. · With the various solutions available today, which one do you think would work best for you? Meaning, which of these solutions (such as MS Excel or a decision-support system) would work best on the following criteria: · Ease of use · Interpretation of data · Sharing of data · Often, we think of business analytics as only for businesses. However, can any of these tools be used for personal decision making? Provide some examples of how you could utilize these tools. Write your initial response in 300–500 words. Apply APA standards to citation of sources.

Paper For Above instruction

Managing data effectively is vital for organizational success, and understanding the costs and tools associated with data management can significantly influence decision-making processes. Failure to investigate the costs embedded within information systems can lead to several adverse consequences beyond financial instability. One primary risk is resource misallocation, where organizations might invest in solutions that are either too complex or inadequate for their needs, thereby wasting valuable resources. This misallocation can cause operational inefficiencies, hinder competitiveness, and reduce the ability to adapt swiftly to changing environments (Laudon & Laudon, 2020).

Another critical consequence pertains to poor decision-making. When organizations do not thoroughly evaluate their data management tools’ costs, they may overlook ongoing expenses such as maintenance, user training, or system upgrades. This oversight can result in data inaccuracies, delayed decision-making, or reliance on outdated information. For instance, using inappropriate or inefficient data tools might produce unreliable insights, leading to strategic errors that can harm organizational growth and reputation (Chen et al., 2012).

In my organization, various systems are employed depending on the department’s needs. For example, the finance department utilizes enterprise resource planning (ERP) systems like SAP for financial reporting and analysis, while the marketing team relies on customer relationship management (CRM) tools such as Salesforce. Overall, these systems are effective because they integrate data seamlessly and support the specific operational requirements. However, some challenges persist, such as data silos or user interface complexities, which may reduce efficiency (Davenport, 2018). Implementing a more unified platform or enhancing user training could improve effectiveness.

Considering the plethora of data management solutions available today, I find that Microsoft Excel remains a highly versatile tool for personal and professional use due to its ease of use, flexibility, and widespread familiarity. Excel excels in data interpretation through built-in formulas, pivot tables, and visualization tools. It also facilitates data sharing via cloud integrations like OneDrive, making collaboration straightforward. Alternatively, decision-support systems (DSS) like Tableau or Power BI can offer more advanced analytics and visualization capabilities, especially for larger datasets or complex analyses (Sharda et al., 2018).

For personal decision-making, these tools can be invaluable. For example, Excel can help track personal budgets, analyze investment portfolios, or plan travel logistics. Decision-support tools like Power BI can assist in visualizing personal health data or tracking fitness progress over time. These tools democratize data analysis, empowering individuals to make informed choices based on data insights instead of intuition alone (Mikalef et al., 2019).

In conclusion, investing time and resources into understanding and choosing appropriate data management tools, considering both cost and functionality, is integral for organizations and individuals alike. An effective data strategy can reduce costs, improve decision-making accuracy, and foster a more data-driven culture, whether in business contexts or personal life.

References

• Chen, H., Chiang, R. H., & Storey, V. C. (2012). Business intelligence and analytics: From big data to big impact. MIS Quarterly, 36(4), 1165-1188.
• Davenport, T. H. (2018). Artificial Intelligence for the Real World. Harvard Business Review.
• Laudon, K. C., & Laudon, J. P. (2020). Management Information Systems: Managing the Digital Firm (16th ed.). Pearson.
• Mikalef, P., Pappas, I. O., Krogstie, J., & Giannakos, M. (2019). Big data analytics and firm performance: Findings from a mixed-method approach. Journal of Business Research, 98, 237-247.
• Sharda, R., Delen, D., & Turban, E. (2018). Business Intelligence and Analytics (10th ed.). Pearson.