Why is it important to have a strategic target when collecting data for business analytics? How does the methodology used to collect the data affect the outcome? What creative methods can you think of that would cause this practice to be more effective in today’s technology driven world?
REPLY TO MY CLASSMATE’S POST. EXPLAINING WHY YOU AGREE WITH HIS POST TO THE ABOVE DISCUSSION (A MINIMUM OF 150 WORDS EACH)
Having a strategic target can be a key factor when it comes to the success of an organization. Whereas a combination of data and its strategy along with a strategic plan and employees who understand the plan, goals, etc. can be a powerful asset for an organization. This form of technology has the capability to help the management team and their organization make the appropriate business decisions, improve processes and more.
Strategic targets are generally designed to be a means of motivating and path guidance for influencing decision making. As when there is no strategic target, any efforts put forth by an individual or a team can potentially be useless. In addition to this, it can also cause an organization to lose money, skills, and other useful resources.
This form of technology provides an organization with a way to analyze data sets and a means of gathering new information. As for many individuals and/or organizations (professionally and personally), data can be a great asset, however, what is done with the data is what can be the deciding factor when it comes to making an organization or individual, as well as breaking one. Whereas this provides actionable insights in which alerts an organization if they have fallen short, met or exceeded their strategic targets, goals, objectives, etc. Also, it is a means of helping the organization to improve customer engagement amongst other things.
If the method in which they use provides them with the wrong data, this can be an enormous problem for an organization. As they have incorrect information which can cause them to unknowingly miss desired targets and can cause a domino effect in a number of other areas due to incorrect data and calculations.