Final answer:
Business Intelligence and Analytics leverage state of the art technologies to help managers make informed decisions by analyzing large data sets. These technologies are pivotal in the Information Age, where data-driven strategies can significantly impact business profitability and productivity, as exemplified by efficiency gains in agriculture and innovative companies like Technotron.
Step-by-step explanation:
The use of state of the art technologies for storing and analyzing data to support managerial decision making refers to the field of Business Intelligence and Analytics. In the Information Age, businesses are inundated with vast amounts of data. To manage this information overload, companies rely on advanced technologies such as data warehousing, data mining, and machine learning. These solutions provide managers with insights derived from large-scale data analysis, enabling them to make informed decisions. For instance, the use of historical rainfall patterns, global positioning systems (GPS), and complex weather monitoring can help farmers maximize crop yields and maintain profitability, which is directly related to efficient data-driven decision making.
The increased integration of information theoretic approaches in business processes allows for adaptability and ease in interpreting complex data sets. Consequently, understanding numerical data and observable facts is essential, regardless of whether the context is political, social, or commercial. The ability to interpret data is fast becoming a fundamental skill in today's workforce, as illustrated by the hypothetical company, Technotron, which uses a new technology to optimize production. While the benefits of technological advancement are numerous, there are also considerable privacy and ethical considerations, especially in the context of surveillance and data retention by businesses and governments.