Summary Data-Driven Management: The Key to Success in Modern Business
5 views 0 purchase
Course
Data-driven management
Institution
Hogeschool West-Vlaanderen (HoWest)
Learn how data-driven management helps companies make better decisions, increase efficiency, and gain competitive advantage. This course covers essential topics such as data analysis, business intelligence, machine learning, and the application of modern technologies in various business processes. ...
Introduction
Questions:
What are the main processes in a company and what software is
being used?
What data is generated in which business processes?
What are the KPI’s in each process?
How can we make efficient dashboards?
What are the main processes in a company?
Data
Operatio
ns
Purchas Sales
e Inputs Output
(ingrediënts) (product)
Finance HR
Purchase (inputs) you buy ingredients or stuff to bring them into the
business to make something from them
Oparations (Finance & HR) by the finances and the HR is calculated how
much money can be spent and who all can be employed while the
ingredients transform into a product
Inkomsten – kosten = winst
Sales (output) now is the time to be able to sell the product through
proper marketing and sales
Data business intelligence, making decisions is taking the right
information and based on data
,Management = about taking decisions
Data driven = what is better you think, if you make decisions?
You need the right knowledge and tools = it’s like hiking
Know the route understand the processes
Have the right gear use the right software
Are you prepared get a clear overview
ERP = Enterprise resource planning is a computer programme used within
organisations to support all processes within the company.
A customer, a supplier, an article, an employee, etc…
You can more easily link processes to each other
Data is one large database, so it is also easy to link to each other
No data on your own computer, one point of truth, if someone
leaves everything
Not every company needs an ERP software, factors:
Size of an company
Sector
Market
Sometimes it is better to have a few easy stand-alone solutions and
integrate them, rather than having a complex ERP system, especially for
small/mid-size companies.
Is one ERP system enough for all companies?
For large and complex companies, ERP will be the core of their processes,
but for some functionality they will need extra software that is not
included in standard ERP. This can be:
Custom development on the ERP system
Integrations with other software
, API application programming interface, using the cloud and integrate
business intelligence important to build clear, interactive and user-
friendly dashboards (5 second rule)
The AI hype
Very convenient to do daily ‘text-based’ tasks
Big tech with massieve amount of data
!! there are also a lot of opportunities for normal companies with a normal
database to get more out of their own data machine learning !!
You are building a treasure of data that can lift you business to the next
level
Machine learning:
You nurture a machine learning model with all this data and it will be able
to predict if a new potential customer with certain features will buy your
product.
Data new customer
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller zoevandendorpel. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.77. You're not tied to anything after your purchase.
