Businesses lead to better decisions and strategic
Businesses rely on big data to make decisions and implement strategies to maximize profit by maintaining a large customer base. Gathering information can be obtained through different methods and as such this report seeks to analyze the challenges and techniques in obtaining relevant information and the ethical and legal issues involved in data protection.”Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis.
But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves” (Insights, n.d.).
Perfumes Guyana uses primary data gathered from the Point of sale machine in relation to fast selling items, frequency of customer purchase and stock available to ensure a consistent re-order level since the software provides real-time analysis. It is time effective and allows space for main task to be completed. Customer’s personal information are collected via personal contact, surveys, suggestion box and Facebook activities. These information are stored in the company’s main server and used by management to monitor trends and purchasing patterns which will guide in developing strategies to promote growth. The reliability, validity and accuracy of data is beneficial to the company and if not properly used it can present serious challenges.
Relying on Big data they will need to adjust their entire process as data flowing into the company becomes endless rather than periodic. The demand for marketing specialist with the ability to conduct sophisticated analyses and implementing strategic approaches will be needed which will attract higher cost (Ciklum, 2017). Incorrectly analyzing data would result in failure to an extent of losing market share. Also, any leakages of information to existing rivals can impact negatively.
There is no existing legislation in Guyana for Data protection but the company implemented manuals and internal policies to ensure sensitive data are safely secured. Consumer purchasing behavior stems from situational factors which are temporary conditions including layout of the store, personal factors including lifestyle, culture and psychological needs as theorized by Abraham Maslow including basic necessity food, water, and sleep before they can begin fulfilling higher-level needs (Raymond, 2013). These information are gathered from Big Data collection techniques to time analysis of big data is privacy. Civil liberties advocates have attacked the use of big data from license plate scanners and drones, for example.
The idea is that authorities should not be able to circumvent constitutional protections against unreasonable searches.