T2 – Business Intelligence Flashcards
What is the objective of a BI platform?
The platform objectives are to enable everyone throughout an organization to quickly and easily access any data in the enterprise, possibly in real time, as well as conduct appropriate manipulation and analysis.
How can business intelligence be explained when understood as organizational decision support framework?
It can be seen as an umbrella term that encompasses tools, architectures, databases, data warehouses, performance management, methodologies, and so forth, all of which are integrated into a unified platform.
How does Luhn define BI in 1958?
To that end, the system concerns itself with the admission of acquisition of new information, its dissemination, storage, retrieval, and transmittal to the action points it servers.
What is OLAP?
OnLine Analytical Processing
How can we understand asset management in a BI context?
asset management: many organizations buy licenses for software that only few employees actually use
How can you understand the difference between a DWH and a data lake?
Datawarehouse: who are the users, what information will they need - store that information Datalake: dont know who are the users, store ALL information and only in the future analyze whatever you need
What is Strategic BI in terms of Business focus, Primary users, Timeframe, and Data?
- Business focus: Reach long term organizational objectives
- Primary users: executives, analysts
- Timeframe: months to years
- Data: historical data
What is Tactical BI in terms of Business focus, Primary users, Timeframe, and Data?
- Business focus: conduct short term analysis to reach strategic goals
- Primary users: executives, analysts, LOB managers
- Timeframe: day(s) to weeks or months
- Data: historical data
What is Operational BI in terms of Business focus, Primary users, Timeframe, and Data?
- Business focus: Manage every day operations, BI integration with operational systems
- Primary users: LOB managers, operational and systems users
- Timeframe: intra-day
- Data: real-time data
What are ERP systems?
Enterprise Resource Planning System = all data is in same database
Single Table for each, but only one source of data for all = master data
What is OLTP?
Online Transaction Processing (OLTP)
What is the function of OLTP?
online transaction processing systems (OLTP):
Systems that handle a company’s routine ongoing business
= Operational databases
Example: ERP, SCM, CRM, …
Goal: data capture
What is the function of OLAP?
online analytic processing (OLAP):
An information system that enables the user, while at a PC, to query the system, conduct an analysis, and so on. The result is generated in seconds
Example: Data warehouses
Goal: decision support
What are the enablers for descriptive analytics?
- OLAP / DW
- Data visualization
- Dashboards and Scorecards
- Descriptive statistics
What are the enablers for predrictive analytics?
- Data mining
- Text mining / Web mining
- Forecasting (i.e., time series)
What are the enablers for prescriptive analytics?
- Optimization
- Simulation
- Multi-Criteria Decision Modeling
- Heuristic Programming
What are some benefits of BI?
- Time savings
- Single version of truth
- Improved strategies and plans
- Improved tactical decisions
- More efficient processes
- Cost savings
- Faster, more accurate reporting
- Improved decision making
- Improved customer service
- Increased revenue
Who is the typical BI user community?
All levels of the management hierarchy (not just the top executives, as was for EIS)
How can BI change the way a company conducts business?
by
- improving business processes, and
- transforming decision making to a more data/fact/information driven activity.
What are Requirements for Successful BI?
- A clear business need
- Strong, committed sponsorship
- Alignment between the business and IT strategy
- A fact-based decision making culture
- Senior management needs to:
- Recognize that some people can’t or won’t adjust
- Be a vocal supporter
- Stress that outdated methods must be discontinued
- Ask to see what analytics went into decisions
- Link incentives and compensation to desired behaviors
- Senior management needs to:
- A strong data infrastructure
