MIS 2101.711 – Jonathan Latko – Summer 2018

Weekly Question #3

Leave your response as a comment on this post by the beginning of class on May 30th 2018. Your response only needs to be about three or four sentences. These weekly questions should reinforce class discussions, readings and show some insight.  

Hint: If you sign into the site using your AccessNet ID and password you won’t have to fill in the name, email and captcha fields when you leave your comment.

This week, we reviewed ERPs and Data Analytics.  In any organization, it is crucial to collect good data and have an integrated system that enables users to have one clear view of the data and customer.    Thinking about your major and your future careers in business – why is this important?  How could good data or bad data have an impact on your daily job?

28 Responses to Weekly Question #3

  • ERPs would be very important in understanding where an organization stands in terms of meeting sales objectives, gauging profitability, and ensuring service levels are met. Without an ERP the process of compiling all this separate data and manually combining it to get the whole overview would be so time consuming, that not only would the productivity of the organization be negatively impacted, but the data could be irrelevant by the time it is ready to be evaluated. Outdated or inaccurate data could lead the organization to make poor business decisions – for example, taking on a financial risk such as a new acquisition because data indicated the sales numbers were extremely strong, when in fact they were not.

  • It took me a minute to see how an ERP is implemented in the trading world , in my 20 + years experience I never even heard of an ERP. But after looking at what an ERP means we certainly use it on a daily basis. We are constantly looking at different divisions within the company to see what factors a good customer or bad. For example we have the analytics team that crunches the PnL numbers to see what customers we are profitable with and which ones we are not. This gives us an idea on how to make our markets, come traders / customers are more savvy than others. Then we have another division that inputs the daily volume the customers do that would make us consider if the commissions we get are worth trading with them. That is only a couple examples , there are many more. If the data we get is bad then that can be really costly for us when trading with someone and vice versa when the information is good.

  • I work in the finance industry and a lot of what i do at work is solicit business for the company and rebalance portfolios for client’s retirement accounts. In this case alone it is important to have good and accurate data. If I have a potential lead in where I am trying to solicit business, it is important for me to have accurate information about the client to determine if it is a good lead to contact or not. Alongside with compiling data for business perspectives, for a more holistic long-term view, it is important for the future of the business and how the business makes decisions for their company. The compiling of good and bad data have a very big effect on the operations and decision making of a business, and it is important to have a system that accurately processes that information.

  • ERP systems help businesses optimize their workflow, so they can have everything they need in one systems to better understand what is happening within an organization. In today fast paced digital world its more important than ever before. The data that can be captured by these systems is critical to serving their customers as well as increase optimization within the organization that will drive increased revenue. The analytics behind this captured data will ultimately lead to better decision making on the part of the organization. The key is to make sure you are capturing accurate data so that when its reported on, you can make decisions and feel confident in their accuracy.

  • Having good or accurate data is important. It can make communication and certain processes more efficient. If there is bad data, companies may not be able to serve their customers’ to the best of their ability, and in turn this will have a negative effect on the business. If a whole organization is working together, everything is going to run smooth, and if everyone can go to one database to get their information, it is going to be easier for everyone to work together and succeed as a whole.

  • I’m a marketing major so having valid and accurate data is important especially when working with a large group of customers. Good data will let us know what we are doing wrong or wasting resources on. It let’s us focus on the marketing aspects that matter. Bad data can mislead the company and cause even more confusion.

  • In today’s world, data is central to all business functions. Most importantly, data drives decision making and having well-structured, accurate data is vital to making decisions. For example, with the use of data analytics a business identifies an area of expansion. Once expansion occurs data is needed to monitor progress and ensure the process is on track. Inaccurate data will cause bad reporting and could mislead a business to believe something that is not true.

  • In my future as an aspiring auditor good data will be imperative in attestation services. The whole process of the audit relies on obtaining good evidence or data that makes it possible to assure businesses are complying to the standards they are being audited for. Bad data kept on the companies part would greatly increase the amount of work needed to complete the audit as well as the cost. It is apparent how important it is to have good and centralized data for an efficient organization.

  • I am interning for a consulting firm and it is imperative that we accurately maintain proper data and information on our clients. For example, we need to keep track of current projects, billed hours, and any potential work opportunities in the future. Without an effective ERP system, it would be difficult or nearly impossible for our company to run in an efficient manner. If we do not have good data on our clients, we may under or over charge them, or improperly complete a project. Since we have a functional and easy to use ERP, every employee at our company can keep track of the firm’s engagements and progress.

  • Every industry needs information for their business. They make their decisions based on the type of information that is available to them, whether it’s taking a risk or to maintain their business. Every organization wants to collect, process, and use the information they need to create an ERP. As someone who is interested in cyber security, ERP is critical because it serves as a backbone of enterprises, containing sensitive data about suppliers, customers, etc. Bad data reporting for a company is never a good thing since it can ruin a company’s business process on how things get done correctly. Maintaining a good data keeps the company organize, up and running smoothly with no conflicts.

  • It is very important for any organization to collect good data and for that data to be accessible for different departments and different users within a company. I am a marketing major. I used to work in branding for a small company where they used legacy systems rather than ERPs and there were certainly instances where that became a problem, such as approving purchase orders having the belief that we were able to supply certain inventory when that inventory had actually been moved earlier in the day but not so that I would be able to see. Having all different departments have up-to-date data eliminates such problems.

  • The difference between working with good data vs bad data is huge in the working force. As an Accountant, we pull in raw data almost daily for our reconciliations, entries, etc. If the data pulled in was “bad”, all of our reconciliations would be thrown off. Most organizations run on data; to make sure their operations run smoothly, it is imperative to make ensure that the data being collected is good.

  • In terms of MIS, ERP and data analytics seem very important. Giving different departments real-time information can benefit the company on a very large scale. Having lived in a cloud-based environment for so long, it seems weird that companies function without it. Having good or bad data would have a huge impact on daily workplace activities. If there was a delay in account credit or even on the warehouse side, it would hinder business operations and result in a decrease in revenue.

  • As im majoring in finance, good data would result to the financial department to have a clear and correct view to any kind of subject that is being studied. that would provide a higher chance for the department to make a correct decision, and that is also the most important element that a financial department can make a good choice. A bad data would result a very bad decision making for a financial department which is deadly for a company.

  • Good data in any field helps businesses get the needed information. It is crucial to have good data because businesses use this information to analyze and use that data for their performance. In any industry this is important because the right information saves businesses from costly mistakes. Bad data can potentially damage the business in the long run.

  • As a MIS major, it is important to first acquire as much possible data about customers. By having a lot of data available it allows a company to better understand their customer base and then tailor their product to their needs. Good data will provide accurate information that will be helpful to better serve customers and run efficiently as a business. Bad data could lead the company to fall behind in the market by not giving the customers what they want.

  • I plan to work in the manage department, so as a manager, i realized how useful the ERPs is. Managers could establish a database of company operations, accumulate knowledge of management experience of the company, and will not be lost due to personnel turnover. It is the most important part of use that i think. Many firms face lots of problem because of the employees individual risk. Firms can not decide who will never leave, and solve the following problems easily with a key employee leave.

  • The collection of accurate data is critical to the primary duties and functions of accountants. Often, accountants are analyzing data from an enterprise level. There are a variety of different departments and entities collecting raw data and need to store it efficiently. ERP systems allow for collection of this raw data in a uniformed and secured way. It is critical that the security be regularly updated and maintained as a breach of any sensitive information could impact a variety of stakeholders. An example that comes to mind is the data breach Target faced a few years ago. Sensitive consumer information was compromised and the company faced backlash and lost the trust of many of its customers.

  • Being a Marketing major, ERPs and Data Analytics are so important! In any business it is beneficial to have clear, defined methods to viewing and working within systems. Good data will only help something that is being marketed, succeed and sell. Bad data can do just the opposite. However, good and bad data can also help a company see where they are thriving, and where they need to pay more attention. The more data, the more a company can use predictive analytics to help plan for the future.

  • Data collection is a large part of what I do in my job field. It primarily deals with aircraft parts reliability. I track flight hours, component reliability, mission completion ratings, and aircraft availability statuses. I then forward the information to Navy Supply. They take information that I provide them with and use it during contact negotiations with aircraft part manufacturers. The intent is to purchase from the lowest bidder, however, reliability of product is a large factor. If the wrong contractor is selected it could affect my day to day operations. If I have unreliable aircraft parts I’m going to be spending more time fixing the aircraft then flying missions.

  • As a Risk Management major, ERP systems help drastically. They act as a central database to streamline data and information across different business units. Having data be easily accessible is extremely important because in the insurance industry, many business units work together and rely on one another to price and classify policyholders in the most fair and profitable way. Without ERP’s, it would take a lot longer for the industry to respond to the dynamic nature of the industry. Furthermore, it helps filter out bad data and protect clients in the event of a cyberattack. With all this big data out there, ERP’s really facilitate good business organization, communication, and appropriate handling of big data.

  • The business world is filled with many different tactics to ensure the best results within the business. Marketing thoroughly utilizes ERPs by integrating many systems and distributing information into one main system. This type of planning is essential for marketing because of the many sources data is collect from. Though this type of resource can be extremely beneficial, there are still many spots that could allow for bad data to be collected within the bunch. In order to acquire complete accurate information it would have to be thoroughly reviewed by an individual and could take alot of time.

  • With my current job, collecting data is very important. We are able to keep track of everybody that calls in and can go back into the system to revisit there information if needed. Without our data system, it would be extremely difficult to keep track of important information which would in turn would result in us not being able to properly do our job.

  • It is crucial for a company to collect good data to be successful. Collecting good date is extremely important when it comes to making business decisions. With data you get a sense of what works and what doesn’t, which helps the organization become more efficient.

  • Yes, I believe it is very important for any organization to collect good data and have an integrated system that can let the users to take one clear view of the data and of the customer. In any organization or company it is very important to have clarity, and I believe collecting good data and having an integrated system is a way an organization or company can achieve that. Additionally, it is very important to decipher and separate good and bad data. By identifying it, we will be able to understand what needs to be done, everyday, as well as what needs to be fixed in terms of data.

  • I believe that ERPs are very important for every single major. In any organization or companies it is very important for us to be clear and understand what is going on in the ERPs. We will need to collect data with any major we go to cause they help us with making big decisions.

  • In the business I work at it is very important that data is up to date between departments. The most common problem we have is inventory being taken out and not accounted for somewhere else. This leads to a lot of confusion on a weekly basis, an ERP system would be very beneficial to any business because I can see where you can run into problems when you don’t have one. Good communication and availability of data are crucial to running a business.

  • This week, we reviewed ERPs and Data Analytics. In any organization, it is crucial to collect good data and have an integrated system that enables users to have one clear view of the data and customer. Thinking about your major and your future careers in business – why is this important? How could good data or bad data have an impact on your daily job?

    ERP’s have uses in many different majors. Data, no matter what the job or field you are in is crucial. There are background data being stored in everything we use. Opening a ma and pa store still has benefits from storing data and whether or not they know it they do anyway. Using credit cards or google analytic tells people the busy times when the store is packed. Which ultimately helps renew customers. Good Data and bad data can impact your job tremendously, making daily chores easier or harder. For example Temple university computer lab. Uses data to find out which computers are logged on and in use. This data is transferred to the screen when you first walk in. Letting a teacher or student know what computers are being used. Then that same data tells Temple network when the computer lab as well as other facilities are used. It is important to have clear data because unclear data may confuse or even harm the person that needs it. Data is being collected on everything and we don’t even know it, yet when we do realize it, it always comes in handy.

Leave a Reply