Business Intelligence

Question 1

What is the difference between Business Intelligence (BI), Advanced Analytics (AA) and Business Analytics?

Answer 1

• BI refers to tools and techniques for analyzing and visualizing past data
• AA refers to tools and techniques used to understand why something happened, predict future outcomes, or discover hidden patterns in large datasets
• BA is an umbrella term for both of these concepts

Question 2

What are the advantages of databases?

Answer 2

• minimal data redundancy
• improved data consistency
• increased security
• improved data quality
• improved accessibility and sharing
• enforcement of standards
• program-data independence
• increased productivity of application development
• reduced program maintanance

Question 3

How can visual analytics aid decision making?

Answer 3

• Visual Analytics for In-Depth Information: Visual analytics supports decision-making by providing deeper insights to base decisions on, utilizing efficient technologies rather than relying solely on human resources.
• Enhanced Data Collection: Cameras placed in inaccessible or hazardous locations can gather information efficiently, operate longer hours, and are not subject to human motivational challenges or social issues.
• Reliability of Cameras: Cameras and associated analytical software may have bugs or malfunctions, but they don’t engage in internal conflicts, exhibit social drama, make human errors, or arrive at work late, intoxicated, or unmotivated.
• Instant Digitization: Information captured by cameras can be instantly digitized and integrated into larger information systems, warehouse management systems, or enterprise systems, eliminating the need for manual data observation, translation, and input, reducing human errors.