Chapter Three Case: Data Bits

Chapter Three Case: Data Bits Student’s Name Institutional Affiliation Chapter Three Case: Data Bits Data literacy for business leaders It is true that future business leaders must be data literate to survive and thrive in the hyper-competitive business arena. Partly, the business world is changing fast through technological advancements. At the center of such advancements is the increase in data (Carter, 2017). In a business setting, leaders are exposed to a range of pieces of data that include sales, employee performances, competitor positions, market share, changes in the economy, and trends in the business settings among others (Carter, 2017). Such data are important in making decisions that help to position the business appropriately. The most challenging bit for business leaders today is that the bulk of such data increases considerably. That is, the circulation of data is too high that leaders can barely match the trends. As such, the leaders need more skills in computing and data science to stand a chance at understanding their businesses, industries, or customers. In Chapter 3, it is shown that tools such as CRM and ERP are vital for leaders who intend to uncover market trends, operational efficiencies, and customer preferences. Keeping the above insights in place will require leaders of the future to be data literate. Inventory data in a marketing career An individual pursuing a career in marketing is likely to benefit considerably by understanding inventory data. Superficially, inventory data constitute detailed information about the goods or materials that a company has in stock at a par...