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Business Intelligence, Business Analytics, and Data Mining .
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Business Intelligence, Business Analytics, and Data Mining .
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Business Intelligence, Business Analytics,and Data Mining
key points - ANS-the goal of BI is to help managers make more informed and better
decisions to guide the business
organizations that can harness Big Data Analytics effectively will be able to create
significant value and differentiate themselves
Data Mining is the process of discovering meaningful correlations, patterns, and trends
by sifting through large amounts of data
data has to be processed to manage the variety and volume to be used for data mining,
business intelligence, and generating analytics
definitions: Business Intelligence - ANS-an umbrella term that includes the
*applications, infrastructure, and tools, and best practices* that enable access to and
analysis of information to improve and optimize decisions and performance at all levels
in an organization.
Business Analytics - ANS-comprised of *solutions* used to build analysis models and
simulations to *create scenarios, understand realities, and predict future states*.
Business analytics includes *data mining, predictive analytics, applied analytics and
statistics*, and is delivered as an application suitable for a business user.
BA also provides support for companies in the process of making proactive technical
decisions, and BA makes it possible for those companies to automate decision making
in order to support real-time responses
differences between BI and BA - ANS-BI involves the process of collecting data from all
sources and preparing it for analysis. BI is more of a first step for companies to take
when they need the ability to make data-driven decisions.
BA is the *analysis of the answers provided by BI*.
BI answers what happened, BA answers why it happened and whether it will happen
, again.
Data Mining - ANS-the process of discovering meaningful correlations, patterns, and
trends by sifting through large amount of data stored in repositories
data mining employs *pattern recognition* technologies, as well as *statistical and
mathematical* techniques
What does business intelligence offer? - ANS-the goal of BI is to help managers make
*more informed and better decisions* to guide the business.
BI software refers to a variety of vendor applications used to *analyze data from a
variety of sources (Big Data)*
with todays BI software, functional staff can jump in and start analyzing data
themselves, rather than wait for IT to run complex reports
this *democratization of information* access helps users make business decisions with
data that would otherwise be based only on gut feelings and anecdotes
what does Business Intelligence offer? continued - ANS-companies are able to
determine relationships among "internal" factors such as *price, product positioning*,
and "external" factors such as *economic indicators, competition, and customer
demographics*
using BI, a retailer could use point of sale records of customer purchases to send
targeted promotions based on an individuals purchases history
its not enough that BI reports sales were X yesterday and Y a year ago that same day.
They need to explain what factors influence the businesses caused sales to be X one
day and Y on the same date the previous year
- Jan 17 2018 vs 2019: temperature, traffic, hotel rates, Uber
when is business intelligence effective? - ANS-effective business intelligence needs to
meet 4 major criteria
1. *accuracy*- this refers to the accuracy of the data inputs as well as the outputs. Any
system that requires analysis can fall prey to the GIGO problem. this why human
discretion is often used to select the data that is relevant
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