The discovery and communication of meaningful patterns in data.
A term describing the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.
Business Intelligence (BI)
Set of theories, methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful info for business purposes.
a set of databases designed to assist decision making in an organization
The process of using computers to identify hidden patterns and to build models from large data sets.
Knowledge Management System
Collect and share human knowledge
A system that leverages rules or examples to perform a task in a way that mimicks applied human expertise.
Older information systems that are often incompatible with other systems, technologies, and ways of doing business. Bad legacy systems can be a major roadblock in turning data into information. Can hold back operational and strategic initiatives.
Market basket analysis
determining which products customers buy together, and how an organization can use this information to cross-sell more products or services.
How recently, frequently, and how much money a customer spends per order
What is the overall Purpose of a business intelligence system
-Provide information for improving decision making
-Make it fast and effortless to get the proper data for decision making
How do data warehouses add efficiency and better utilize data in companies systems?
Add efficiency by having ALL the company’s data in one place.
The business no longer has to search near and far for the desired information and doesnt have to convert any measurements to one common measurement.
See class 22 slide 9
What BI tools are available to turn data into valuable info? What are examples of these and how they add value?
1. Reporting systems
2. Data mining systems
3. Knowledge mgmt systems
4. Expert systems
How they add value
-Look for patterns
-Use patterns to make business decisions
-Share info with business partners
What kind of discoveries does a data mining system help us uncover? (intuitive or non-intuitive)
-data mining systems help uncover patterns and relationships in data that help predict future outcomes
-NON INTUITIVE because it is based on actual, real knowledge
Why would a company want to have a Knowledge mgmt system?
-Improve decision making by publishing employee’s knowledge
-Create value for existing intellectual capital
-Improve customer service
-Increase organizational responsiveness
What are examples of how companies can use business intelligence? (Target, Wal-mart, etc…)
-The targe example in class 22, slide 6. Target used their transactional data to determine that the teenage girl was pregnant, so they sent pregnancy related coupons to her house
-Walmart determined that when a hurricane was about to strike, they needed to stock up on beet and strawberry pop tarts
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