ITC540 Assignment 2 Data Governance and Data Management
ERM: Electronic Record Management System is a set of programs or a computer program designed for tracking and storing records.
Business Intelligence and Analytics: Business Intelligence improves, maintains the efficiency of business operations and helps companies in increasing their productivity. On the other hand, Business Analytics collects and analyze data for generating visualized reports in custom dashboards after employing predictive analysis.
Data and text mining: It is an analytical technique which works by copying electronic information which exists already in scientific journals. In this data is analyzed which contains trends, patterns or other valuable information.
Data and text mining can create business value by providing early warning of issues. For example: by helping hospitals to identify potentially contagious issues before they cause any real harm. Data and text mining also helps in generating customer engagement. Interactions between the company and customers can generate a large volume of data. Such a large volume of data through the application of natural language processing can generate early insights into what the customers of the company are thinking. This can help in saving money by minimizing the dependency on cost areas such as call centers. Data and text mining also helps in more accurate insights across a wide range of sources and documents.
Domain hijacking: It enables intruders to access valuable information and perform illegal activities like phishing, in which a website is replaced by a similar website that records all the personal information.
This problem can be mitigated by Extensible Provisioning Protocol which is used by various domain registries. This protocol uses an authorization code for domain registrant as a security measure preventing unauthorized domain name modification.
Malicious insider: This issue arises when an employee of a company is granted access to the sensitive information of customer administrators. Such system privileges can expose crucial information to security threats.
This issue can be eliminated by implementing security auditing and strict privilege planning.
Why EIS was designed and implemented:
EIS (Executive Information System) was implemented for providing a strong drill-down potential to analyze the given information proficiently, for improving tracking information and for offering efficiency to decision makers.
Benefits of data governance:
• Operational efficiency: In the data-driven business, data is incredibly valuable information which should be treated as the asset for an organization. Appropriate manufacturing of products in an organization ensure their product line machinery undergoes maintenance and regular inspection.
• Improved data lineage and understanding: It helps in providing greater accountability by assigning permissions. With this, it becomes easy to determine the responsibility of a person towards specific data.
• Better decision making: Data governance helps to make the right decisions based on the right data and ensuring greater trust & accuracy.
• A decision model is important for quantifying the relationship between variables which helps in reducing uncertainty. Trusted data drives innovation and accelerates a competitive edge.
• Black Book Model refers to a combination of data which includes information about 600 flavored sets for making orange as per the customer needs.