Business Intelligence Introduction ​
Business Intelligence
Category of apps, technology, databases, methodologies and processes for gathering, storing, accessing and analyzing data to help businesses make better decisions.
- Leverages software and services to transform data into actionable insights that inform an organization.
The goal of BI is going from data to knowledge and the ability to make business decisions based on the data.
Why is BI necessary ? ​
Organizations have growing complexity which must be managed. To be able to handle this complexity organizations must be modeled, designed and analysed. (engineered)
Main Components of BI ​
- Data Warehousing
- Business Analytics
- Business Performance Managemnent
- User Interface
Data Warehousing ​
Contains the source data from Enterprise systems. Can contain historical data and/or current data to support real-time decision making In concrete terms a data warehouse is a central repository of data that comes from one or more sources.
Business Analytics ​
A collection of tools and techniques for manipulating, mining and analyzing data. (provided by a data warehouse)
- Data Mining: Process of searching for unknown patterns and relationships.
- Process Mining: Supports the analysis of operational processes based on event logs.
- Artificial Intelligence and Machine Learning Techniques can support prediction tasks.
Business analytics outputs static and/or dynamic reports and queries. Business analytics can be classified in the types:
- Descriptive BI: Insight from historical data with dashboards.
- Predictive BI: Predicting future values with statistical and machine learning techniques.
- Prescriptive BI: Recommends decisions using optimization, simulation, etc.
Business Performance Management ​
Focused on the management, monitoring and comparing of Key Performance Indicators (KPI)