Big Data For Small Business For Dummies

Chapter 12

Applying Data in Your Business: Operations

In This Chapter

Integrating data into your daily business operations

Sourcing, managing and securing operations-related data

Using data to transform how you do business

Although many businesses start by using data to inform their decision making (Chapter 11), you can take your data one step further and integrate it into your daily business operations. This aspect is less focused on extracting insights from the data to make better decisions and more focused on how data can help you run the business more smoothly. Therefore, it’s less about your people making better decisions and more about using systems and algorithms that automate and improve processes. Until recently, most applications of data in business have been focused on the decision-making aspect but, thanks to new technologies, we’re seeing more businesses successfully integrate data and algorithms into their everyday operational processes.

An algorithm is a mathematical formula or statistical process run by software to analyse data. It usually involves multiple calculation ...