Business Intelligence
Business Intelligence refers to a wide range of activities in an organization that use big data in order to collect, analyse and present key business information. The goal is to identify new opportunities for an organization and to explore innovative and sound strategies in this data. The interpretation of this data is the key idea in order to implement strategies based on clear insights and facts derived from performing big data analytics, data mining, and using many other useful tools. The benefits of companies are competitive market advantage and long-term perspectives on business opportunities. This perspective is thus going beyond the day-to-day business of an organization by performing data fusion across many different data sources.
Big Data Perspective
The datasets used in analytics in this field are often large amounts of structured and unstructured data of an organization. And technologies in business intelligence will use historical and current datasets such as daily sales, human resource data, or emails. This data then is used to make predictive models that go beyond simple regression trends in order to provide comprehensive perspectives on expected business operations in the future. Examples are product positioning and product portfolio pricing. These examples show that external big data derived from the market in which a company operates is a useful input to the process. Combining external with internal data of the organization leads to a better comprehensive intelligence that is created using the information available in more then single datasets. Application fields include the understanding of new markets by assessing the demand and suitability of products and services of a company. This includes a more detailed view such as customer and market segmentation or to create predictions of the impact of specific marketing campaigns.
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