question archive The head of analytics of an international organization (XYZ Corp
The head of analytics of an international organization (XYZ Corp
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The head of analytics of an international organization (XYZ Corp.) says that the companies, especially financial institutions have become detached from their customers. He further adds, in the mid-70s, the organizations through their staff use to know their customers individually. They were socially attached to them: know their family and what they were trying to do. During the 1980s, the institutions in the race to make more money lost this personal relationship as they moved away from solely helping customers look after their businesses to pushing all kinds of financial and insurance products, regardless of whether or not the customer needed those products.
XYZ's adopted a philosophy as a part of the business drive to restore personal customer service - by better understanding customers so they can better meet their needs. They had huge amounts of information on their customers. How we spend money and manage our finances gives an incredibly detailed picture of how we live our lives -when and where we go on holiday, for instance, or, if we're lucky enough to have any, what sort of things we spend our excess income on.
He also says that a company like Amazon, they know relatively little about their customer compared to us, but they make very good use of the data they do have. They are actually data rich and we have just started to get into this race.
a) The above experts from the case study tells that the data makes the organization rich. Comment on this statement.
b) Is having huge amount of data sufficient to get its advantage? If not what else is required to get goods results from the data?
c) What is the process of data analysis? Explain with the help of an example.
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a. In an organization especially in a businesses it is very important that the data of every customers is well kept because it is so important and confidential and when a client or customers give the organization their personal info or data it is a big privilege to the organization it means they have a full trust to the organization. And the organization also knows how can they use that info to provide a good relationship with their clients.
b. Having a sufficient data is very important and plays a very important role but the organization also needs to research more on how they can used that data wisely that can help more the organization.
c. The process of data analysis is collecting, transforming, cleaning and modeling data with the goal of discovering the required information.
For example when we want to get the population of a specific location we must get specific variables of a population lile age, gender and income. The data may be numerical or categorical. The data we are collecting must be accurate and honest.
