Lecture 1: Introduction to Business Intelligence Flashcards
What is Business Intelligence?
Business Intelligence (BI) refers to technologies, applications, and practices for collecting, integrating, analyzing, and presenting business information to improve decision-making and performance.
What are some challenges associated with Business Intelligence?
Challenges include data accuracy, data integration, and delays in decision-making. Proper data governance and technology are essential to overcome these issues.
How is Analysis different from Analytics?
Analysis involves breaking down data into parts for interpretation, while Analytics involves using computational methods and statistics to analyze and derive insights from data.
What makes BI insights valuable?
BI insights are valuable if they are accurate, timely, actionable, and relevant. For example, understanding which products are often purchased together can help improve inventory management.
Why is it important for BI insights to be timely?
Timeliness is crucial because delayed insights may no longer be relevant. For example, knowing the best time to launch a clothing range in July, only in September, won’t be useful.
What is SQL, and how does it help in BI?
SQL (Structured Query Language) is used to query and manipulate relational databases. In BI, it helps retrieve and filter data to gain insights for better decision-making.
What are common tools used for Business Intelligence?
Common BI tools include Tableau, Power BI, and SQL. These tools help with data visualization, ad hoc reporting, and customized dashboards.
How can businesses use BI insights for decision-making?
BI insights help businesses optimize decision-making by providing actionable data to improve efficiency, forecast trends, and adjust strategies.
