Home | Forums MBA Managerial Economics Discussion Forum Reply To: MBA Managerial Economics Discussion Forum

  • Leonard Robinson Chin

    Member
    December 4, 2021 at 8:42 am

    Good point on Big Data. Over the years organizations have collected vast amounts of data. Big Data will enable organizations to unlock the value from all the collected data to find patterns and trends that can be used to continually improve the organization. Take for example a simple retail store, over a period of 1 year, the cash register machine would have collected a large of volume of data on every transaction taking place in the store. Now apart for accounting purposes, this data when processed with the right tools and methods, can yield patterns in the terms of popular products, product complements, etc. This can help the store to organize targeted promotions and to stock-up on popular items.