Business Intelligence & Data Analytics
Did you gain new insights? Why don’t you ask your data to help you?
Business intelligence allow you to take better and wiser decisions using data. It is a set of methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information used to enable more effective strategic, tactical, and operational insights and decision-making.
“Data is the new oil. It’s valuable, but if unrefined it cannot really be used. It has to be changed into gas, plastic, chemicals etc to create a valuable entity that drives profitable activity; so must data be broken down, analyzed for it to have value.”
“Analysis is the combustion engine.”
Business Intelligence focuses on helping you move on with previous past data, where as Data Analysis helps predict what should/will happen using data in the future.
BI encompasses a variety of analytics processes, including:
DATA MINING
PREDICTIVE ANALYSIS
TEXT MINING
STATISTICAL ANALYSIS
BIG DATA ANALYTICS
DATA VISUALIZATION
PERFORMANCE INDICATOR
PERFORMANCE BENCHMARK
QUERYING
Core components of analytics are divided into the following categories:
Descriptive analytics: Descriptive analytics help answer questions about what has happened based on historical data.
Diagnostic analytics: Diagnostic analytics help answer questions about why events happened.
Predictive analytics: Predictive analytics help answer questions about what will happen in the future.
Prescriptive analytics: Prescriptive analytics help answer questions about which actions should be taken to achieve a goal or target.
Cognitive analytics: Cognitive analytics attempt to draw inferences from existing data and patterns, derive conclusions based on existing knowledge bases, and then add these findings back into the knowledge base for future inferences, a self-learning feedback loop.
