what is economics

Read the short case study below to answer the following questions: The head of analytics of an international organization (XYZ Corp.) says that the companies, especially financial institutions have become detached from their customers. He further adds, in the mid-70s, the organizations through their staff use to know their customers individually. They were socially attached to them: know their family and what they were trying to do. During the 1980s, the institutions in the race to make more money lost this personal relationship as they moved away from solely helping customers look after their businesses to pushing all kinds of financial and insurance products, regardless of whether or not the customer needed those products. XYZ's adopted a philosophy as a part of the business drive to restore personal customer service - by better understanding customers so they can better meet their needs. They had huge amounts of information on their customers. How we spend money and manage our finances gives an incredibly detailed picture of how we live our lives -when and where we go on holiday, for instance, or, if we're lucky enough to have any, what sort of things we spend our excess income on. He also says that a company like Amazon, they know relatively little about their customer compared to us, but they make very good use of the data they do have. They are actually data rich and we have just started to get into this race. Questions: a) The above experts from the case study tells that the data makes the organization rich, Comment on this statement. (5) b) Is having huge amount of data sufficient to get its advantage? If not what else is required to get goods results from the data? (5) c) What is the process of data analysis? Explain with the help of an example