Business Intelligence Flashcards
How do modern Businesses collect data?
- Internal Source
- External Source
- Digital Channels
- IoT Devices
- Automated Systems & AI tools
Internal sources of data
- Transaction data
- Customer Relationship Management
- Employee Data
External sources of data
- Market Data
- Third party vendor
- Government and public data
Digital Channels of data
- Web analytics
- Social media analytics
IoT Devices for collecting data
- Sensors and devices to monitor energy consumption, environmental conditions.
Why is data important in the business world?
- Informed Decision Making
- Market Insights and Trends
- Competitive advantage
- Innovation and Development
- Performance Monitoring
How is data processed and used in Businesses?
- Raw Data
- Processed Data
- Insights
- Actionable Strategies
Business Intelligence
Is a collection of tools and strategies that is used to convert raw data into meaningful insights that can be used to make data driven decisions and strategic planning.
Strategic planning
Long Term Planning
BI Tools
- BI Dashboards
- Data Warehouses
- Data mining tools
- Predictive Analytic Tools
BI Dashboards
Visualizes key metrics and insights in the form of a interface that contains visual charts.
Data Warehouses
Centralized data repositories to store various sourced data to be used for data analytics only.
Features of data warehouses
- Once data is store, it cannot be modified in order to maintain integrity
Data Mining Tools
Used to identify hidden patterns related to the data.
Predictive Analytics Tools
Used to forecast trends based on historical data.
Key activities of BI
- Aggregation
- Visualization
- Summarization
of historical and real-time data.
Data Analytics
Extraction of insights from data to specific questions to improve decision making.
Data Science
Predicting, uncovering hidden patterns and solving complex problems with data.
Benefits of BI
- Improved operational efficiency
- Expand customer understanding
- Ability to make data-driven decisions
- Mitigation of risks
- Get insights on potential opportunities
Maturity Model
The level of how a business manages and uses its data.
Levels of Maturity Model
- Disorganized
- Emerging
- Standardized - Data governance policy is present
- Assimilation - not all decisions are data-driven
- Optimized - decisions are made are all data-driven
Data Governance policy
Who has access to which type of data and who is responsible for said data.
Backup of data details.
BI Roadmap
Achieving the objectives by milestones within the given scope and deadline.
BI Lifecycle
- Analyze the business ecosystem and objectives
- Design
- Acquire and store data
- Clean the data
- Visualize the analyzed data
repeat the process
Requirement for BI
The business must always monitor and document data in order to achieve the full benefit of BI.
Track the ROI of the BI Strategy to modify it accordingly.
