MIS 2101 – Jonathan Latko – Summer 2019

Weekly Question #3

Leave your response as a comment on this post by the beginning of class on May 30th 2019. Your response only needs to be about three or four sentences. These weekly questions should reinforce class discussions, readings and show some insight.  

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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?

29 Responses to Weekly Question #3

  • My major is Actuarial Science and it is important to collect good data so that insurance premiums can be calculated accurately. If there was bad data entered into an excel sheet, it would provide inaccurate calculations regarding the pure premium for a policy (or multiple policies). Charging the customer an inaccurate premium that is too high can lead to many customers canceling policies and charging a premium that is too low can lead to the insurance company going bankrupt in the scenario that many claims are filed at once (after a natural disaster strikes). Having an integrated system that enables users to have one clear view of the data is essential because it can make it easier for the user to spot data that may be inaccurate.

    • My major is Human Development and Community Engagement and good data is crucial as the social sciences are driven by data driven decision making. If you give a kid a psychological assessment and the data you compare it to is wrong, you may give the wrong diagnosis. Data is also important in the field of Education and Social Work because communication and allocation of scarce resources are big challenges.

  • My major is architectural design. In this industry, similar to what Katrine said above, the most affected entity by bad data would be the client. For example, bad calculations from the commence of a project of an existing site may have the risk affecting documentation of the project later on. These miscalculations, bad data in this example, affect digital modeling of the hypothetical building and so as a result may affect the interventions wanted by the client. The real issue here would be once the construction stage is reached and pinpointing the source of the problem is more difficult. Having a good integrated system in a business has an overall benefit in every process/stage of a project.

  • My major is Accounting and Management Information Systems. In my industry, speaking on an Accounting standpoint, good data is very important to the accountant and the customer. If I was to be filing someones yearly income tax, a bad system that would cause a mix up of even a penny can cause problems with the IRS. Accuracy and clarity/communication is vital. If your system clearly communicates the data then the work can be done more effectively. From the customers standpoint, it helps ensure transparacy throughout the process since someone is dealing with your finances.

  • I am an accounting major and good data would be crucial to working a job like that. If you have bad data then you could be steering your clients in the wrong direction and can cause problems in the end. The better data kept the easier your job is. If i was working at a big accounting firm and I was keeping bad records I would be hurting not only myself and my clients but also the firms reputation as well. Keeping good data allows you to be more confident with whatever job your doing.

  • Collecting good data is very important, and in finance(my major) there is really no way in getting around the correct value as the wrong answer will end up losing you a lot of clients or gaining a whole lot and in the end probably being audited and being found guilty of illegal activities. Having the right data for your clients is imperative as they are most likely paying you for a service and expect that honest service in return. If that process were to go as planned then you keep your job and the client is happy(hopefully).

  • My major is Risk Management & Insurance and collecting good data is very crucial in the insurance industry. Having inaccurate data would have some very costly mistakes and effects in the market. Data is also incredibly vital when it comes to the consumers in insurance. Data is needed all of the time when figuring out insurance claims or when looking at insurance providers. If a system can give reliable and accurate data that it can make the job easier and more effective on both ends.

  • My Major is Economics and Finance with a minor in accounting and collecting good data in economics, finance, and accounting as they all require work that is done online or through an online tool with data. Inaccurate data can lead to multiple issues and dilemmas in all three of those fields from miscalculated balance sheets in accounting, loss on profits in finance, miscalculations of economic charts for forecasting future economic outflow and much more terrible outcomes. Data is all that can make these three majors work accurately and responsively in everyday work situations and in life in general. Reliable data is what is needed to make the world a better place in these job fields and in general without good data the world will not be balanced like all things should be.

  • I am a finance/econ major and it is very important to collect good data. Collecting bad data could result in doing the wrong deal and losing money. For example, if I collected the wrong data on something about a stock and was using it to make a decision, its very possible it could be the wrong decision due to bad data.

  • I am a HRM major. After completing my degree my dream is to be a HRM executive either in recruiting or benefits department of a company. Gathering information for any HR specialty is imperative. In the HR field you are collecting and storing personal data needed to assure proper human resource management of all employees As a current Temple Student financial Services Employee I can understand the importance of data collection as well.

    For a benefits specialist it is imperative to collect data regarding the medical and dental benefits of employees or the allotment and allocation of retirement funds or employee specific plans. For individuals in recruiting it is imperative to collect data regarding prospective employees to ensure you are making the best hiring decision for your company. Data is what fulls every company no matter the field, proper collection of that data ensures proper functioning of all its departments and counterparts.

  • My major is Accounting. In the accounting field, it is very crucial to have good data because the customer trusts the accountant to accurately file their accounts. If the accountant records bad data the liability would usually point towards the accountant who made the mistake and he/she will most likely lose their job. However, if the bad data was provided to the accountant, he/she might not be at fault.

  • Working in a HR related field it is imperative to have accurate data. People resources is the biggest expense on the P&L and being able to on-board qualified candidates into the right role requires accurate data. If the data is bad this would create elongated cycle times to bring in resources and increased attrition rates just to name a few. Overall bad data would essentially be cost the business money that could be used to run the business

  • With my major being Supply Chain Management, data is very important when dealing with inventory and resources. Data can be used for how much inventory we need to purchase, and if there is incorrect data then that leads to having either too much of something or not enough of something which can impact the company. Data analytics is important in many areas of many occupations.

  • I’m an International Business w/ a concentration in marketing major and (big) data is super important when it comes to providing insights into what material is most effective during the different stages of the sales cycle. Data is also changing the way that companies get customer feedback and help to develop relationship-driven strategies. Data helps marketers create customer loyalty to get lifelong customers.

  • My major is accounting. I run my own business in the beauty industry. Given this, it is very important to have data analytics to keep track of inventory that I sell and appointments because scheduled, canceled, rescheduled, and confirmed. My clients are able to schedule their appointments via my website, and then are directed to a more complex system that processes their deposits towards their procedures. My booking system ensures that I will not have any overlapping appointments or any mistakes that can result in the loss of future business. This data also ensures that there won’t be any bad data as it is a system that calculates deposits and processes payments automatically, so there is almost never room for mathematical errors.

  • I am majoring in International Business Economics concentration and in my field of research the accuracy and value of data collection as well as the validity of the systems used to collect it, both have a crucial impact on my daily job. Immediately after graduation, I am looking forward to work at a government or non-government research agency, this means I will certainly be playing with a vast amount of data on a daily basis. Economic research agencies based their findings and conclusions solely on the trends and patterns of data which they collect through various types of research. For instance, if I am working at a multinational oil company researching at the feasibility of constructing a new oil pier, I would have to be reliant on the accuracy of data for factors such as current output, anticipated output etc. and several other key indicators which will point our decision in the right direction. Therefore, collecting good data can have an enormous impact on current and future careers.

  • I am majoring in communication and social influence and minoring digital marketing. Although I am not a business major, I think collecting useful data is still very important for my major. As communication & media-related major, it is essential to convey the correct and informed information to the public through media platforms. If only express their opinion is far from the impact on society. Only statements based on facts and supported by real data can be trusted. To have a clear view of data can help media workers that people will have a more definite sense about the issue so we can persuade them to believe something we want them to understand.

  • I am majoring in International Business concentrating in International Supply Chain. I believe in any organization it is imperative to collect good data. Having a clear source oif ornagized good data allows a business to review past info and forecast future decisions. Seeing as how integrated and connected supply chains are, they run off data. If the data being collected is inaccurate, it can throw the whole flow of the value chain off. This affects things such as inventory, transportation, and distribution. In a daily work environment, a supply chain specialist often reviews inventory data and transportation plans. If the data for these is off, it can disrupt the flow of the global value chain.

  • I am majoring in Business Management. Data is incredibly important for my career path. The data must be thoroughly evaluated in order to make the right decisions and choices. Without data we would be led to make less educated decisions without knowing the full impacts of these choices. In the business world, data can be used for a multitude of things. Provided data allows companies to build better relations with their customers for example. Collected data is used anywhere from customers relations to productions values.

  • My declared major is Accounting. I believe that for my major, data is crucial. Between a customer and a accountant data is very important because the customers trust and depend on the accountant to file their taxes, to give them advice on what to do with their income. If any of this information is incorrect because of the data it will lead to a series of catastrophic events for both parties involved. Having bad data in accounting, may lead to you possibly losing your job, or losing your credibility. While dealing with the customers finances, they would like to know that they are in good hands, and having bad data can really mess that up.

  • Being that I am an accounting major, data will ultimately play a significant role in my career. The field of accounting changes constantly in accordance with federal and state law and regulations. Accountants must have access to extremely current and accurate databases to be able to conduct proper accounting research. On a more personal level, accuracy of data is crucial to have success in accounting. It is obvious that false data utilized in accounting will ultimately lead to major failure on the accountant’s end, and penalties and issues on the client’s end.

  • As a MIS major it is important to collect good data that can be easily shared is due to the fact that reliable data is essential in any job in the MIS field. For example, if data is presented in a reliable and clearly legible fashion, the data can then be used to help influence decisions about various things. Some of these may include if an employee is a good fit at the company, or what consulting firm offers us the best value for our money.

  • I am majoring in Accounting and I see how it is very important and crucial for a business to have correct and the most updated data possible. The system needs to be correctly configured so it generates data correctly and generates reports appropriately. If there is a bad data then it might possibly generate wrong transaction or generate a report wrongly. This might effect reconciliation processes and it might give hard times when putting financial statements together. Alternately bad data might lead to a miss representation of business financial health.

  • I am majoring in MIS and clear and correct data is one of the most important parts about the major and any jobs that that it can lead to. Information is what businesses run on and as an IT or IS worker it is important to make sure it is clear and understandable, as well as being accurate enough to work with. Good data can allow the company to have an advantage over other firms or companies and gain monetarily. Bad data could result in bad ventures that could cost the company a lot of money and time. MIS majors should be able to manage data and the databases it is stored in well enough to prevent and recognize improper data.

  • As a Risk Management and Insurance major, collecting good data is crucial for success. When calculating risk in situations, bad data can completely ruin a company’s risk management system. Data being accurate and reliable results in more accurate estimations. Having one clear view of data is convenient for companies, as it saves a lot of time filtering out information for them to access.

  • Being an accounting major I believe that ERNs and data analysis are great tools to regular system requirements. Reporting setups and analysis are very useful to view a clear collection of data. With ERNs you can add many systems of checks and balances. In accounting data is very important and if there is incomplete or incorrectly analyzed data it can cause fines and potentially even worse consequences.

  • My major is accounting, so having good data is pertinent. It is important at all times, but especially during tax season. Getting the clients information and forms through the chain of command in an organized and timely matter is necessary because both the firm and the client are on a deadline set by the government. Failing to meet this deadline results in financial penalties. Being organized is important as well, because if mistakes are made on the form then the client will end up paying more or less than they have to.

  • My major is Management Information Systems, and having good data is crucial. It is important to collect good data because you want to build customer’s relationship. Not having accurate data, can go separate ways. You could lose customer’s relationships and you could lose your company alot of money.

  • My major is accounting, it is very important to tracking the information of the company or organization. Also we need updated data to adjust the general entries. In the balance sheet, if Asset does not equal to Liabilities plus Equity, that might be something wrong in general entries. So good data information system will impact my job.

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