Business Intelligence and Analytics for Transformation Flashcards
what is Big Data?
datasets that are so large,
fast, or complex that traditional data processing software can’t deal with them adequately.
what are the 5 Vs of Big Data?
- Volume
- Velocity
- Variety
4.Veracity - Value
what does business intelligence do?
-Supports organisations transform data into
business actionable insights.
- Presenting actionable information
what are the common functions of Business Intelligence technologies?
-Reporting
-Online analytical processing
-Analytics
-Data mining
-Text mining
-Predictive analytics
-Prescriptive analytics.
what does business analytics refer to?
the skills, technologies, practices for continuous
iterative exploration, and investigation of past business performance to gain insight and drive business planning
what are the different types of analytics?
-Descriptive Analytics: What has happened?
- Predictive Analytics: What could happen?
- Prescriptive Analytics: What should we do?
what are the success factors for big data analytics?
-personnel with advanced skills
-a clear business need
-strong committed sponsorship
-alignment between the business and IT strategy
-a fact based decision making culture
-a strong data infrastructure
-the right analytics tools
what are the key technologies behind Big Data?
-Hadoop
-Apache Spark
-Cloud-Based Analytics Platforms
what is Hadoop?
An open-source framework that allows for the distributed processing of large data sets across clusters of computers using simple programming models
what is Apache Spark?
An open-source unified analytics engine for large-scale data processing, with
built-in modules for streaming, SQL, machine learning, and graph processing
what are Cloud-Based Analytics Platforms?
Platforms that provide computational resources on demand, scaling up or down as needed, to process Big Data workloads.
what are the essential tools for business analytics?
-data management tools
-programming for data science
-data visualisation software
-statistical analysis software
what are data management tools?
software that helps organize, store, and retrieve data which is essential for any analysis
what is programming for data science?
Languages that allow analysts to manipulate data and perform complex analyse e.g python
what is Data Visualisation Software?
Tools that help turn numbers and data sets into graphs and charts, making it easier to see patterns and
insights
what is Statistical Analysis Software?
Specialized software used to delve deeper into data, testing theories and making prediction
what is digital dexterity?
a set of beliefs, mindsets,
and behaviours that help employees deliver faster and
more valuable outcomes from digital initiative
what is meant by digital-ready talent?
leaders work proactively and address trade-offs and help leaders set and articulate priorities
why does big data matter in digital transformation?
-competitive advantage
-enabler of new business models e.g Uber
-digital transformation
what does Business Intelligence transformation impact?
-Business Intelligence strategy
-Data Management
-Analytics and algorithms
-Dashboards
-Interactive Reporting
- Data Visualisation
what are the challenges and ethical considerations?
-data quality
-data integration
-misinterpretation of data (confusing correlation with causation)
-data security (measures to protect the data)
-privacy (respecting individuals privacy rights)
what are the ethical considerations in Big Data?
-bias in data collection and analysis (inequalities or distort decision making)
-surveillance and monitoring (balance between security and privacy)
what is Big Data in Digital Commerce?
The vast and diverse sets of digital information generated and collected by
online businesses during their operations
why is Big Data important in Digital Commerce?
-customer insights
-personalisation
operational efficiency
-competitive advantage
-innovation
-data-driven decision-making
what are the types of customer data?
-demographic information
-purchase history
-behavioural data
-feedback and reviews
-browsing history
what are the website and app analytics?
-page views and clicks
-conversion rates
-user flow (entry and exit points)
-load times
what are the sales and transaction data?
-order information
-payment data
-inventory and stock data
what are the marketing and advertising data?
-campaign metrics (performance of marketing campaigns)
-customer acquisition costs
-customer engagement
what is the social media and user generated content?
-social media mentions
-user generated content (reviews, comments, and product photos)
what are the types of KPIs 1?
-conversion rate
-average order value (AOV)
-customer acquisition cost (CAC)
-customer lifetime value (CLV)
-cart abandonment rate
-revenue and sales growth
-website traffic and unique visitors
-customer retention rate
-return on investment
-social media engagement
-site load times
-customer satisfaction and reviews
what is meant by ‘average order value’?
the average amount of
money spent by a
customer in a single
transaction
what is meant by ‘conversion rate’?
The percentage of website
visitors who complete
a desired action, such
as making a purchase
what is meant by ‘customer acquisition cost’?
The cost of acquiring a new
customer, including
marketing and advertising expense
what is meant by ‘customer lifetime value?
The cost of acquiring a new
customer, including
marketing and advertising expense
what is meant by ‘cart abandonment rate’?
the percentage of
shopping carts that
are abandoned by
customers without
completing a purchase
what is meant by ‘revenue and sales growth’?
the increase in total
revenue and sales
over a specific period
what is meant by ‘website traffic and unique visitors’?
the increase in total
revenue and sales
over a specific period
what is meant by ‘customer retention rate’?
the percentage of
customers who
continue to make
repeat purchase
what is meant by ‘return on investment’?
The ratio of net profit to the cost of an investment or
marketing campaign
what is meant by ‘social media engagement’?
Likes, Shares, Comments: Measures engagement on social media platforms and the reach of social media campaign
what is meant by ‘site load times’?
Page Load Speed: Measures how quickly website pages lo
what is meant by ‘customer satisfaction and reviews’?
Indicates customer satisfaction and
provides valuable feedback for improvement
