Accounting homework help

/in /by

Requirements:
Instructions:Respond to the discussion topic post below.
 

  • Responses must be substantial (several paragraphs each) Responses should have proper support with at least 1 different source as applicable.

 
 
Discussion Topic covered:
This week we covered how companies are using big data and how they can use that data.  Select any company you would like (other than ones listed in the text) and discuss how the company is using big data to analyze trends, predict future trends, and/or make improvements to the company.  Be sure to use specific examples and back up your ideas with current literature.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Respond to post:
As the years go by, the world becomes more and more technological, and innovations surprise us with their creativity and functionality. As a result, companies and organizations are increasingly involved in the automation of their processes and are therefore using big data and artificial intelligence to improve their performance.
 
If implemented correctly, for sure, Big Data will bring value to your organization. Value can be in the form of faster time bringing a product to market because you know exactly what customers want and what their buying patterns are (perhaps before they even know). Big Data can also help you learn what your competition is doing or provide a better understanding of where the market is heading. Big Data can also offer efficient resource utilization. (Van, 2014).
 
Starbucks is a good example of a company that makes good use of big data and artificial intelligence. Through their mobile app, in addition to receiving orders from their customers, they collect a large amount of information about the preferences and purchasing habits of their customers. This information is not only useful for them to speed up orders and service times, especially during the busiest hours, but it can also provide keys for more effective marketing campaigns and promotions, as well as suggest locations for new stores.
 
When people visit a “new” Starbucks location, that store’s point-of-sale system is able to identify the customer through their smartphone and give the barista their preferred order. In addition, based on ordering preferences, the app will suggest new products (and treats) customers might be interested in trying. This intel is driven by the company’s digital flywheel program, a cloud-based artificial intelligence engine that’s able to recommend food and drink items to customers who didn’t even know, yet they wanted to try something new. It’s so sophisticated that the recommendations will change based on what makes the most sense according to the day’s weather if it’s a holiday or a weekday, and what location you’re at. (Marr, 2018)
 
Big data in the context of customer experience not only means a lot of information storage about customer interactions, but also big calculations, big processing, and big predictions. As corporations become adept at capturing customer experience data, they can utilize the customer experience data through its embedding in their operational data, smartphone tracking, automatic analysis, and data-sharing enabling a better understanding of the customer’s feelings. (Batra, 2017)
 
In most companies, leveraging the possibilities offered by big data has become a common practice, resulting in a variety of benefits that we have already been discussing. I think that as customers, we also benefit from it because they facilitate, speed, and personalize the process of obtaining products or services. In this busy era, we are grateful for this.
 
References:
 
Batra, M. M. (2017). Customer Experience-An Emerging Frontier in Customer Service Excellence. Competition Forum, 15(1), 198-207. https://search.proquest.com/docview/1960320371?accountid=35796
 
Marr, B. (2018, May 31). Starbucks: Using Big Data, Analytics, and Artificial Intelligence to Boost Performance.  https://www.forbes.com/sites/bernardmarr/2018/05/28/starbucks-using-big-data-analytics-and-artificial-intelligence-to-boost-performance/?sh=468cf1f865cd
 
Van, R. M. (2014). Think bigger: Developing a successful big data strategy for your business. ProQuest Ebook Central https://0634f2fjf-mp01-y-https-ebookcentral-proquest-com.prxkeiser.lirn.net/lib/keiseruniversityebooks/reader.actiondocID=1596431&ppg=1&query=Think%20bigger%3A%20Developing%20a%20successful%20big%20data%20strategy%20for%20your%20business