LIVING IN THE I.T. ERA WEEK 13 Flashcards
It is the use of software to combine business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations to make more data-driven decisions.
Business Intelligence (BI)
In practice, you know you’ve got modern business intelligence when you have a ___________________________________
comprehensive view of your organization’s data and use that data to drive change, eliminate inefficiencies and quickly adapt to market or supply changes.
How Business Intelligence works?
Businesses and organizations have questions and goals.
To answer these questions and track performance against these goals,
they gather the necessary data, analyze it and determine which actions to
take to reach their goals.
Why is Business Intelligence important?
A few ways that business intelligence can help companies make smarter, data-driven decisions:
*Identify ways to increase profit
* Analyze customer behavior
* Compare data with competitors
* Track performance
*Optimize operations
* Predict success
* Spot market trends
*Discover issues or problems
Where Is BI Used?
Sales, marketing, finance and operations departments use business intelligence.
They are BI power users, and they use centralized company data paired with powerful analytics tools to understand where opportunities for improvement exist and what strategic recommendations to propose to company leadership.
Data scientist and Analyst
By blending financial data with operations, marketing and sales data, users can pull insights from which decisions can be acted upon and understand factors that impact profit and loss.
Finance
Business intelligence tools help marketers track campaign metrics from a central digital space. BI systems can provide real-time campaign tracking, measure each effort’s performance and plan for future campaigns. This data gives marketing teams more visibility into overall performance and provides contextual visuals for sharing with the company
Marketing
They often use BI dashboards and key performance indicators (KPIs) for quick access to complex information like discount analysis, customer profitability and customer lifetime value. Sales managers monitor revenue targets, sales rep performance along with the status of the sales pipeline using dashboards with reports and data visualizations.
Sales
To save time and resources, managers can access and analyze data like supply chain metrics to find ways to optimize processes. Business intelligence can also ensure that service level agreements are met and help improve distribution routes.
Operations
American Express has been using the technology to develop new payment service products and market offers to customers. BI also helps the company accurately detect ________ and protect customers whose card data may be compromised
fraud
Using AI-powered image-recognition technology, the company can tell when ___________________. This data, paired with the power of BI, gives the company important insights into who is drinking their beverages, where they are and why they mention the brand online. The information helps serve consumers more targeted advertising, which is four times more likely than a general ad to result in a click.
photographs of its drinks post online
Netflix uses data in multiple ways. One example is how the company formulates and validates original programming ideas based on previously viewed programs. Netflix also uses business intelligence to get people to engage with its content. The service is so good at targeted content promotion that its recommendation system drives over 80% of streamed content.
Netflix
Through its popular loyalty card program and mobile application, Starbucks owns individual purchase data from millions of customers. Using this information and BI tools, the company predicts purchases and sends individual offers of what customers will likely prefer via their app and email. This system draws existing customers into its stores more frequently and increases sales volumes.
starbucks
It lets you analyze your data right from within Excel, while seamlessly connecting to a wide range of external data sources.
Power Query
