ISM Ch. 9: Business Intelligence and
analytics
Business Analytics - ANS-extensive use of data and quantitative analysis to support
fact-based decision making within organizations
-used to gain a better understanding of current business performance, reveal new
business patterns and relationships, explain why certain results occurred, optimize
current operations, and forecast future business results
Business Intelligence (BI) - ANS-a wide range of applications, practices, and
technologies for the extraction, transformation, integration, and presentation of data to
support improved decision making
BI and analytics: BENEFITS - ANS-- detect fraud
- improved forecasting
- increase sales
- optimize operations
- reduces costs
Data Scientists - ANS-individuals who combine strong business acumen, a deep
understanding of analytics, and a healthy appreciation of the limitations of their data,
tools, and techniques to deliver real improvements in decision making.
data management - ANS-integrated set of functions that defines the processes by which
data is obtained, certified fit for use, stored, secured, and processed in such a way as to
ensure that the accessibility, reliability, and timeliness of the data meet the needs of the
data users within an organization
data governance - ANS-core component of data management
- defines the roles, responsibilities, and processes for ensuring that data can be trusted
and used by the entire organization, with people identified and in place who are
responsible for fixing and preventing issues with data
BI and analytics TOOLS: - ANS-spreadsheets, reporting and querying tools, data
visualization tools, online analytical processing (OLAP), drill-down analysis, linear
regression, data mining, and dashboards
analytics
Business Analytics - ANS-extensive use of data and quantitative analysis to support
fact-based decision making within organizations
-used to gain a better understanding of current business performance, reveal new
business patterns and relationships, explain why certain results occurred, optimize
current operations, and forecast future business results
Business Intelligence (BI) - ANS-a wide range of applications, practices, and
technologies for the extraction, transformation, integration, and presentation of data to
support improved decision making
BI and analytics: BENEFITS - ANS-- detect fraud
- improved forecasting
- increase sales
- optimize operations
- reduces costs
Data Scientists - ANS-individuals who combine strong business acumen, a deep
understanding of analytics, and a healthy appreciation of the limitations of their data,
tools, and techniques to deliver real improvements in decision making.
data management - ANS-integrated set of functions that defines the processes by which
data is obtained, certified fit for use, stored, secured, and processed in such a way as to
ensure that the accessibility, reliability, and timeliness of the data meet the needs of the
data users within an organization
data governance - ANS-core component of data management
- defines the roles, responsibilities, and processes for ensuring that data can be trusted
and used by the entire organization, with people identified and in place who are
responsible for fixing and preventing issues with data
BI and analytics TOOLS: - ANS-spreadsheets, reporting and querying tools, data
visualization tools, online analytical processing (OLAP), drill-down analysis, linear
regression, data mining, and dashboards
