1.Explain Business Intelligence in one page or less. Focus upon the concept that
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Question
1.Explain Business Intelligence in one page or less. Focus upon the concept that ‘BI’ is an umbrella term and explain what the components of a ‘BI’ system are and what its architecture and purpose are.
2.Discuss data mining in one page or less. Discuss its purpose, how the data needs to be organized, the various management science methods and purposes that can be used in data mining.
3.Compare and contrast data warehouse and big data storage environments. Discuss the purpose, the data, the need for more than one BI data environment, whether these environments are complimentary or competitive, and processing methods use in the environment. Also include other items as you see fit.
Explanation / Answer
Business intelligence is using descriptive analytics to get pattern or trend of the data. This representation is in such a way that the data is refreshed periodically.
BI used to get the trend and pattern from the data. For that we need to build analytical data set combining two or more data set. We use descriptive analytics using excel, pivot chart, Dashboards and other advance analytics tools.
Analytics is used to get prediction from the data which is advance stage of business analytics.
Both are combined do all type of analytics- Descriptive, predictive and prescriptive. So, this all results are used to make organisation business process smooth and more efficient.
A company should invest in their business intelligence to get their strategies right. By knowing where the problem areas and how they can beat their competitors.
CEO needs to know about the BI as he is the decision maker in the organisation and he should know about the organisation situation and details report about the problems which helps him to make strategies based on that.
BI use componenets like data base, data manipulation tools and data representing tools. Visulization tools like tableau , qlikview , power BI are not use in industry.
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