Unleashing the Power of Data

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Questions and Answers

What has led to an abundance of data for businesses to use?

  • Technological advances in data analysis
  • An increase in business operations
  • An increase in customer demand
  • Technological advances in data collection (correct)

What are businesses using analytical methods for?

  • To expand their operations
  • To improve efficiency and profitability (correct)
  • To decrease competition
  • To increase customer demand

What has enabled businesses to solve big problems faster and more accurately?

  • An increase in customer demand
  • An increase in storage capability
  • Advances in computational approaches (correct)
  • An increase in business operations

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Study Notes

  • Technological advances in data collection have led to an abundance of data for businesses to use.
  • Businesses want to use data to improve operations, understand customers, and gain a competitive edge.
  • Ongoing research has resulted in methodological developments for analyzing data.
  • These developments include advances in computational approaches, faster algorithms, and better data visualization.
  • Methodological developments were paired with an explosion in computing power and storage capability.
  • Better computing hardware, parallel computing, and cloud computing have enabled businesses to solve big problems faster and more accurately.
  • Analytical methods are being used to improve efficiency and profitability in businesses.
  • Analytical methods are being used to better understand customers and price products more effectively.
  • Analytical methods are being used to gain a competitive advantage.
  • The use of analytical methods in business applications has experienced explosive growth.

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