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MIS 304 CHAPTER 6 Enhancing Business Intelligence Using Information Systems
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MIS 304 CHAPTER 6 Enhancing BusinessIntelligence Using Information Systems
Explain business intelligence (BI) - ANS-Business intelligence or Analytics involves
taking raw data as input and generating reports or analyses that support decisions of
the organization. To be successful, organizations must have up-to-date, accurate and
integrated information to monitor and fine-tune a broad range of business processes.
why do companies use business intelligence - ANS-to make better business decsions!!
Companies use business intelligence and analytics to stay ahead of competitors.
Suppose you wanted to know which customers are most likely to buy a new high-tech
but expensive product? To answer this, you may analyze data about customers, orders,
payment history, inventory and advertising.
Your Information Systems will collect and analyze data for effective management.
Data-driven organizations make decisions backed up by verifiable data, and such
organizations have been shown to be measurably more productive and profitable than
those that don't.
explain the difference between business intelligence and analytics - ANS-Business
intelligence is often regarded as looking at or analyzing the past to understand what
happened.
While the analytics side can be thought of as using this past data and trends to try and
extrapolate or predict something in the future.
The term "business analytics" can be thought of as the broad term that encompasses
both the past analyses and future predictions.
What are the sources of business intelligence (BI) data? - ANS-The raw data for BI may
come from multiple sources including operational databases within the company or
external databases from partner organizations or even third parties.
The raw data may be structured or unstructured or hybrid. You may work with
spreadsheets, news reports, or articles and posts on social media.
what types of questions do you answer with business intelligence data? - ANS-*You
, have a choice between running multiple marketing promotions. Which one is likely to be
most effective?
*Or you may want to know which customers are most likely to switch to a competitor if
you raise prices by 10%? And do you care if those customers switch? How does it
impact long-term profitability?
(you will not only want to use your operational database with customers, costs, sales
and profitability data, but you may also wish to combine this with feedback from
customers, news articles, or sentiment analysis from social media. )
explain the users of business intelligence and advanced analytics - ANS-The need for
business intelligence and advanced analytics goes beyond traditional businesses; all
types of organizations utilize it to improve their data-driven decision making as seen in
the examples below
(-political parties, government, defense, hospitals, nonprofit)
What are the external factors of BI (threats and opportunities) - ANS-(BI can help
organizations make better decisions in the increasingly complex, fast-changing, and
competitive environment by more effectively collecting and analyzing both external and
internal data.)
such as changes in consumer demand, competitive pressures, and changing
regulations, can create both threats and opportunities businesses need to respond to.
The more rapidly businesses can recognize changes and move to account for them, the
more competitive they will be in today's ever-changing business environment.
Explain big data - ANS-High Volume: Unprecedented amounts of data
High Variety: Structured data and Unstructured data
High Velocity: Rapid processing to maximize value
companies use BI to understand this rapidly
explain continous planning in BI - ANS-This requires continuous monitoring to ensure
organizations have the information to make ongoing, forward-looking adjustments and
updates to business plans.
Business Intelligence helps organizations to continuously and quickly monitor and
analyze data, and make adjustments to the business plans.
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