Description: Link to Wikipedia BI definition & clarification. Business Intelligence (BI) – Common functions of business intelligence applications are reporting, OLAP, analytics, data mining, business performance management, benchmarks, text mining, and predictive analytics. BI is computer-based decision analysis usually done online by managers & staff.
- Define Business Intelligence and give examples; include value to business overall.
Description: Definitions, and the understanding of their meaning, are foundational to building a knowledge base. The definition of “business analytics” is from Wikipedia and is presented for discussion as we begin to study this topic. Business analytics is defined in this source as the extensive use of data, statistical and quantitative analysis, explanatory and predictive modeling, and fact-based management to drive decision making. Analytics may be used as input for human decisions or may drive fully automated decisions. Businesses analytics represent a subset of business intelligence. The other part of business intelligence is querying, reporting, OLAP, and “alerts”. The questions that business analytics can answer represent more proactive and higher value questions than questions other business intelligence tools can answer. In other words, querying, reporting, OLAP, and “alert” tools can answer the questions: what happened; how many, how often, where; where exactly is the problem; what actions are needed. Business analytics can answer the questions: why is this happening; what if these trends continue; what will happen next; what is the best that can happen.
- What are some business applications for business analytics?
Description: Link to Flickr, a social network. Illustrates the pervasive use of social networks and the advantages to business in developing an understanding of the importance of these relationships organization-wide.
- How might organizations use social networks to their advantage?
- What is key to social network success?
- What is unique about this site?
- What is unique about this site? How has Web 2.0 facilitated its expansion & growth?
- What lessons were learned from the case?