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Key Terms and Review (Chapter 6) Enhancing Business Intelligence Using Information Systems

Key Terms and Review (Chapter 6) Enhancing Business Intelligence Using Information Systems. It's what you learn after you know it all that counts. John Wooden. Big Data. High volume, variety and velocity. VOLUME:

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Key Terms and Review (Chapter 6) Enhancing Business Intelligence Using Information Systems

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  1. Key Terms and Review (Chapter 6)Enhancing Business Intelligence Using Information Systems

    It's what you learn after you know it all that counts. John Wooden
  2. Big Data High volume, variety and velocity. VOLUME: Generally, greater volumes of data enables organizations to better make business decisions based on more factors. VARIETY: Structured Data (eg: transactional data) Semi-structured Data (eg: sensor data) Unstructured Data(eg:comments on social media)
  3. Big Data (cont.) VELOCITY: The speed at which data flows into~, within~ and out~ of the organization. Eg: Amazon.com’s IS system has to provide Related Products (“Customers Who Bought This Item Also Bought”)
  4. Business Analytics Augments Business Intelligence by using analysis to help identify trends or predict business outcomes.
  5. Business Intelligence The use of Information Systems to gather and analyze data and information from internal or external sources in order to make better business decisions.
  6. Business Analytics vs Business Intelligence Business Intelligence is good for knowing what is Predictive (Business) Analysis helps in foreseeing what will be
  7. Continuous Planning Process In this process, organizations continuously monitor and analyze data and business processes; the results lead to ongoing adjustments to how the organization is managed. These results are also reflected in ongoing updates to the organizational plans.
  8. Geographic Information Systems (GIS) This system helps in creating, storing, analyzing and managing geographically referenced information. It captures various characteristics about geographical locations, allowing such characteristics to be couple with other data to support analysis and decision making.
  9. Online Analytical Processing (OLAP) The process of quickly conducting complex, multidimensional analyses of data stored in a database that is optimized for retrieval, typically using graphical software tools. It enables users to analyze different dimensions of data beyond simple data summaries and data aggregations of normal database queries.
  10. Visual Analytics The combination of various analysis techniques and interactive visualization to solve complex problems. By combining Human Intelligence and Reasoning Capabilities with technology’s retrieval and analysis capabilities, VA can help in decision making, as both the strengths of both the human and the machine are merged.
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