Business intelligence
Assessment (750 words)
Business intelligence includes a wide range of applications, practices, and technolo- gies for the extraction, translation, integration, analysis, and presentation of data to sup- port improved decision making.
- An extract-transform-load (ETL) process is often employed to gather data from multiple sources to create data warehouses for use with BI tools.
- Spreadsheets, report and query tools, online analytical processing, drill-down analysis, data mining, and reality mining are examples of commonly used BI tools.
- Business performance management is an increasingly important application of BI used to measure the actual performance or forecast the future performance of critical opera- tions of an organization.
- The balanced scorecard is a performance management tool that tracks performance over a period of time from four perspectives—financial, customer, business process, and learning and growth.
- A dashboard presents a set of key performance indicators about the state of a process at a specific point in time.
- Business performance management is often used in conjunction with the traditional P-D- C-A business problem solving process.
- 1. How would you define business intelligence? Do research on the Web to identify two recent real-world applications of BI that are of interest to you.
- 7. Identify at least four key performance indicators that could be used to define the current state of operations of a fast food restaurant. Sketch what a dashboard displaying those KPIs might look like.
- 10. Your non-profit organization wishes to increase the efficiency of its fund drive efforts. How might data mining help to increase the amount of donations with a decrease in volunteer effort?
- Answer previewBusiness intelligence is a discipline that encompasses the information technology elements, strategies, the managerial accounting, corporate analysis as well as marketing. It allows the gathering of information, analyzing it, dissemination as well as acting on this information. It is aimed at resolution facilitation especially of the management problems which enhance making of the business conclusions and decisions. It is thus a key factor in the achievement of the intended results as it supports making informed decisions…(930 words)