Business intelligence (BI) is the set of techniques and tools for the transformation of raw data into meaningful and useful information for business analysis purposes.
3. Business intelligence (BI) is the set of techniques and tools
for the transformation of raw data into meaningful and useful
information for business analysis purposes.
Business intelligence (BI) is an umbrella term
that includes the applications, infrastructure
and tools, and best practices that enable access
to and analysis of information to improve and
optimize decisions and performance.
10. Data Mining VS Data Analytics
DATA ANALYTICS
Data analysis is concerned with a variety of different
tools and methods that have been developed to query
existing data, discover exceptions, and verify
hypotheses.
DATA MINING
Data Mining is the process of sorting through large
amounts of data to identify patterns and relationships
using statistical algorithms. These relationships may
help us to understand which factors affected the
outcome of something, or they may be used to predict
future outcomes
How many items were sold in Region 2 last month?
What factors affected sales in Region 2 last month?
11. Data Mining VS Data Analytics
Data analytics focuses on inference, the process of
deriving a conclusion based solely on what is already
known by the researcher.
Data miners sort through huge data sets using
sophisticated software to identify undiscovered patterns
and establish hidden relationships.
17. Comparison with competitive
intelligence
Though the term business intelligence is
sometimes a synonym for competitive
intelligence because they both
support )decision making), BI uses
technologies, processes, and applications to
analyze mostly internal, structured data and
business processes while competitive
intelligence gathers, analyzes and disseminates
information with a topical focus on company
competitors.