MIS171 Lecture Notes - Lecture 1: Business Analytics, Accenture, Fraud

• School: Deakin University
• Department: Business and Law
• Course: MIS171
• Professor: All

Document Summary

Busi(cid:374)ess a(cid:374)alyti(cid:272)s is (cid:862)a pro(cid:272)ess of tra(cid:374)sfor(cid:373)i(cid:374)g data i(cid:374)to a(cid:272)tio(cid:374)s through analysis and insight in the context of organisational decision making and pro(cid:271)le(cid:373) sol(cid:448)i(cid:374)g(cid:863) (cid:894)li(cid:271)eratore & luo (cid:1006)(cid:1004)(cid:1005)(cid:1004)(cid:895). Analytics is the use of data, information technology, statistical analysis, and mathematical or computer-based models to help decision makers gain improved insight about their business operations and make better, fact-based decisions (evans 2017). For too long, important decisions have not been based on data, but on the judgment and intuition of the decision maker (accenture 2008). Data, facts, and analysis are powerful aids to decision making and that the decisions made on them are better than those made through intuition or gut instinct (davenport, harris & morrison 2010). What makes decision making complicated today is the overwhelming amount of available data and information (evans 2013). Analytics is a powerful business tool that enables firms to leverage their data in key business decisions.