P1.F.4.1 Data Analytics - Business Intelligence

Question 1

What is Big Data?

P1.F.4.1 Data Analytics - Business Intelligence

Answer 1

The vast amount of data that companies now have available to them.

Question 2

Big Data Opportunities & Limitations

P1.F.4.1 Data Analytics - Business Intelligence

Answer 2

Opportunities

1. More optimal business decisions
2. More relationships in data
3. Greater statistical significance

Limitations

1. What data to capture?
2. What data to analyze?
3. Implementing and maintaining systems
4. Data quality issues: duplicate or incomplete
5. Data coverage issues: selection
6. Embracing the story that data reveals

Question 3

Data Structure: Structured

P1.F.4.1 Data Analytics - Business Intelligence

Answer 3

1. Easiest to use
2. Organized in a useful format
3. Underpinning “foundation” of most business systems

Question 4

Data Structure: Semi-Structured

P1.F.4.1 Data Analytics - Business Intelligence

Answer 4

1. Semi-organized
2. No common format

Example: spreadsheets readable by humans but not machines

Question 5

Data Structure: Unstructured

P1.F.4.1 Data Analytics - Business Intelligence

Answer 5

1. No organization/formatting
2. Difficult to organize
3. Some structure must be added
4. Vast majority of available data is unstructured
5. Used to communicate details around observation, judgement, emotion, etc.

Question 6

Data Progression

P1.F.4.1 Data Analytics - Business Intelligence

Answer 6

1. Data: raw facts collected and organized
2. Information: a collection of data that gives it meaning
3. Knowledge: understanding of information that’s been studied and retained over time.
4. Insight: new perspective that advances understanding of business
5. Action: positive measured that can be taken based on insight.

Question 7

Data Analytics Opportunities & Limitations

P1.F.4.1 Data Analytics - Business Intelligence

Answer 7

Opportunities

1. Improved decision making as a competitive advantage.
2. Potential to improve strategy, marketing and operations
3. Make better complex decisions

Limitations

1. Developing necessary culture/processes to make data-informed business decisions
2. Capturing right data and level of detail
3. Integrating data silos or separate stores of data
4. Preserving data integrity
5. Successful data analysis
6. Understanding data relationships
7. Presenting data in a meaningful way
8. Implementing and maintaining systems

Question 8

Why Data is a Strategic Asset

P1.F.4.1 Data Analytics - Business Intelligence

Answer 8

1. Importance of data increases with business size
2. A store of new data softens competition from new entrants
3. Because data has a lifecycle, it must implement and maintain ongoing data science capability

Example: Facebook and Netflix

Question 9

Business Intelligence

P1.F.4.1 Data Analytics - Business Intelligence

Answer 9

Tools and techniques to develop data along the data progression towards actionable insight.

1. Business intelligence is used at every level of the organization.
2. Line level: tools to do the job
3. Management: reports to improve processes
4. Executive: insight to provide strategic direction and priority

Question 10

Four V’s of Big Data

P1.F.4.1 Data Analytics - Business Intelligence

Answer 10

1. Volume: the large amount of data available
2. Velocity: the frequency of incoming data that needs to be processed.
3. Variety: different types of data.
4. Veracity: the trustworthiness of data.