Importance Of Analytics In Decision Making

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ABSTRACT The term “analytics” refers to the ability to gather and utilize information in order to generate insights for making better decisions.” Many organizations use analytics to convert data into actionable knowledge. Analytics represent a change from the longstanding ways to deal with management that frequently rely on instinct and generally are unsupported and undocumented. Analytics permit corporate decision-making to be driven, surveyed and tested by the use of data. This report offers a contextual examination of analytics. The term “contextual” is used here in reference to an organization’s need to consider the risks that a particular application of analytics poses to privacy and the kind of responsible processes that should accompany…show more content…
It seeks to document opaque procedures and to replace conventional way of thinking, when wrong, with tested approaches. As one CEO put it, “In God we trust; all others bring data.” OBJECTIVE OF THE STUDY The objective of the study is to explore several high level ethical principles for private organizations using the analytics process. The prime goal of these principles is to maximize good results and minimize bad ones for individuals whose information is processed. These guidelines were developed taking reference from various Research Papers and Websites. The report tries to identify the following: 1. Different stages of Analytics explaining its processes that should be tailored to each step. 2. A set of Ethical Standards for private Organizations that are using Analytics process. DISCUSSION Four Stages of the Analytics Process The analytics process has four stages: Collection, Integration and Analysis, Decision-Making, and Review & Revision. Each one can raise distinctive privacy…show more content…
Overarching Ethical Standards The following standards apply to all four stages of the analytics process:  Companies should comply with legal requirements when using the analytics process.  Companies should assess, beyond legal requirements, whether their use of analytics process reflects Cultural and Social norms about acceptable activities.  Companies should assess the impact of their use of the analytics on the basis of stakeholders’ trust in the company. Relevant stakeholders include consumers, other businesses, government, and nongovernmental policymakers.  Companies should use accountable measures in the analytics process. Accountability begins with an acknowledgment that this technique can have both negative and positive impacts on individuals. Companies should develop organizational policies that govern information management and personnel training, and should designate individuals to oversee data processing operations and decision-making. Accountable measures should be appropriately tailored to specific, identified risks of the analytics

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