How much data should companies have Essay Example | Topics and Well Written Essays - 500 words

How much data should companies have - Essay Example The essay "How much data should companies have?" talks about the data that is needed in business organizations. The paper also analyses what type of data is more useful and if the size of stored data is something you should worry about. Most of the internal data of a business organization is credible in that it has been derived from the past experiences in running and managing various business activities. Therefore the data is credible. This data irrespective of the volume and imperfections that may be present is a valuable asset from the perspective of the insights it can provide in the running and managing of several business activities. The imperfections do not matter much as in business intelligence applications the focus is on reading patterns and signs in the available data, and so the data does not have to be precise as may be required in the case of accounting or auditing. Let us take the case of insurance companies. Several years of data with regards to policies, claims, premium bill payments, agent/producer sales, and so on are available with the insurance company. This may be considered as too much data by some companies. Yet, irrespective of the volume of the data, intelligent use of the data will help the company to be better at precision pricing, customer retention, claims fraud detection, product cross-selling and similar activities to overcome competition and prosper in a competitive environment. Therefore, it is not too much data that is need be the worry of the organization.