The answer to which of the following choices is a way that big data science can be used is “all of them”. There is no particular set of techniques or ways of using big data that will not fit into other disciplines. For example, a recent study that surveyed pharmaceutical reps found that they considered one of the most common methods of decision making in their industry to be “decision making without data”. This was surprising because this was part of a larger study that focused on understanding the decision making process in all industries. No industry was studied that did not require some form of decision making that relied on information.
Another example is financial risk management. Financial risk is inherent in all markets and products, and it is a difficult area to effectively regulate. However, as the Internet has become more popular, financial risk has been made much easier to manage with the use of mathematical formulas and databases. In fact, it has become almost a must for managing financial risk.
Which of the following options is a way that big data science can be used to assist in human decision making? First, when companies are looking to improve customer service, they often use customer satisfaction surveys to understand what customers think about their product or service. This is often coupled with focus groups that allow a company to hear directly from customers. While this does not include all of the big data tools, it is an important part of the process that helps companies better understand their customers.
Second, many hospitals rely on big data to understand what patients may need. One example is an electronic medical record (EMR). These systems give hospitals access to patient records in real time, allowing them to make informed decisions based on a large amount of data. While this is a tool that is often used in the health care industry, it can also be used by other businesses. For example, many restaurants use EMR systems to keep track of customers and run demographic reports.
Third, many small business owners are using EMR’s to track their own employees. While some employers use the information to simply weed out people who are wasting time or wasting products, many business owners are taking advantage of the data science to make business decisions. By keeping track of employee performance, business owners have the ability to use different metrics to determine an individual’s productivity and effectiveness. Additionally, business owners can use data science to find patterns within employees’ work, which may indicate areas of weakness and areas of strength. This enables businesses to make changes to their work environment without having to lay off people.
Fourth, EMR’s and analytics are quickly becoming standard parts of business life. From banking to insurance and even retail, big data is transforming how business is conducted. While some aspects of big data are still being figured out, analytics is quickly becoming a business necessity. Even though most businesses still haven’t put all of their eggs in the basket with analytics, more are starting to embrace the idea.
Fifth, big data has opened up countless opportunities for entrepreneurs. By using sophisticated analytics, businesses are able to access massive amounts of data to find profitable trends and new markets. This allows businesses to quickly develop new products or services, as well as acquire new clients. In addition, business owners can use this information to improve the way that they manage their businesses. For instance, by monitoring customer satisfaction and understanding where there problems currently lie, businesses can use this knowledge to improve their ability to serve their customers.
The key take-away from this article is that big data and EMR’s can give any business an edge in a fast-paced marketplace. Though businesses still need to perform basic analysis and maintenance on their data, using sophisticated tools to gather and analyze large amounts of data has many benefits. This doesn’t mean that businesses have to jump through hoops and into legal compliance, but it does mean that businesses can use big data and EMR to achieve more of their goals.