As technology continues to evolve, so too does the way we make decisions in business. Data-driven decision making (DDDM) is gaining more and more attention as a powerful tool to help businesses make informed choices. At Florida International University (FIU), we are paving the way with business intelligence, using cutting-edge technology and analysis to explore the future of DDDM.
Business intelligence (BI) encompasses the tools, technologies, and methods used to aggregate, analyze, and present relevant data. It includes data mining, big data analytics, business analytics, predictive modeling, and more. By leveraging these tools, we can obtain insights that may not be visible otherwise. Thus, BI enables us to make better, more informed decisions based on real data.
At FIU, we are committed to understanding the potential of data-driven decision making and integrating it into our curriculum. Our faculty and students use BI to help organizations outsmart their competition, reduce costs, and increase profits. The School of Business also offers courses and programs that focus on BI and analytics such as the Master’s in the Science of Business Analytics, which prepares students to solve complex business problems through the use of data analytics.
One example of how we are using BI is in healthcare. In an era of population health management and value-based care, healthcare organizations need to ensure that they are providing the highest quality of care possible. This includes not only treatment but also prevention, wellness management, and chronic disease management. BI can help healthcare organizations analyze electronic health records to track the health of their patients and identify the most effective treatments. For example, a study conducted by the University of Mississippi Medical Center used BI to analyze data from electronic health records to predict which patients were at the highest risk for readmission. With this information, they were able to develop new strategies to reduce readmissions and improve patient outcomes.
In another example, we are using BI to improve customer service in the hospitality industry. In today’s fast-paced world, people want instant gratification, and they expect businesses to provide excellent customer service. Hotels are no exception. With BI, hotels can analyze guest feedback and identify areas for improvement. For example, using analysis of online reviews and social media feedback, hotels can determine what guests like about their property, what issues need attention, and what steps they can take to improve their overall satisfaction.
In conclusion, the future of data-driven decision making is bright, and FIU is leading the way in exploring the potential of BI. The ability to accurately analyze and interpret data is becoming increasingly important for businesses in every industry, and BI provides a powerful toolkit for achieving this. By using BI, organizations can make better, more informed decisions, leading to improved outcomes and increased success. We look forward to continuing to explore the many ways in which BI can benefit our students, faculty, and business partners.
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