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Download Recap of Last Time Business IIntelligence -Why we need it
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Recap of Last Time Business IIntelligence -Why we need it- In Generalities Data gives us a window of opportunity in something that might be speculative which gives us an advantage Data Management fundamentals -In a database… why do we use entities? Core concepts we want to compile information -Entities are described by what? We take attributes and use them for the entities -The actual data which populates the entity is what? Rows that have the actual data -Why would we need multiple databases? If we have too much data we have to extract from too large of a pile -If we put many data bases together it is called what? Data Warehouse -If we split data off of the data warehouse, what do we call it? Hypercube Agenda How to store data Where we might pull dta from How we might process these data How we might present these data Today’s class will harken back to the transformation of data into knowledge. Business Intelligence Components Three types of tools -Information and knowledge discovery -Business analytics -Information visualization Information and Knowledge Discovery -Search for hidden relationships -Hypotheses are tested against existing data Online Analytical Processing (OLAP) Complex, multidimensional analyses of data beyond simple queries -OLAP server- main OLAP components Cubes Cubes- an OLAP data structure organizing data via multiple dimensions -Cubes can have any number of dimensions -Be careful, most people can’t comprehend after 3 dimensions -When might we need more? We might need to specifically target a certain client Slicing and Dicing -Slicing and dicing- analyzing the data on subsets of the dimensions Data Mining -Used for discovering “hidden” predictive relationships in the data -Patterns, trends, or rules -Example: identification of profitable customer segments or fraud detection -Any predictive models should be tested against “fresh” data. -Data-mining algorithms are run against large data warehouses. -Data reduction helps to reduce the complexity of data and speed up analysis -Endogeneity! - Bias resulting from omitted variables etc -Relationship between ice cream sales and crime -Relationship between news media and firm founding Textual Analysis Benefits -Marketing- Learn about customers’ thoughts, feelings, and emotions. -Operations- learn about product performance by analyzing service records or customer calls. -Strategic decisions-gather competitive intelligence -Sales -Human resources Web usage Mining -Used by organizations such as Amazon.com -Used to determine patterns in customers’ usage data. -How uers navigate through the site -Clickstream data- recording of the users’ path through a Web site. -Stickiness- a web page’s ability to attract and keep visitors. Twitter Feeds -Have you ever heard of anyone mining Twitter feeds? -As a business person, what kind of information could you learn about your customers if your customers if you subscribed to every Twitter feed imaginable and mined the data? Presenting Results Process and Present -Paper Reports -Digital Dashboards and Other Systems -E-mail alerts -Mobile Users and Systems Any Danger? -Is there any danger in a business student becoming too “tech savvy”? There isn’t a problem with being too tech savvy but losing a social interaction -Is there an danger in a business student not becoming “tech savvy” enough? Yes because you need to be able to use some type of technology to your advantage -What is a “program” and is there anything that is more nerdy that being a “programmer”? Business Analytics Augments business intelligence by using predictive analysis to help identify trends or predict business outcomes. Decision Support Systems (DSS) -Decision making support for recurring problems -Structured or Unstructured Intelligent Systems Three general tpes -Expert Systems -Neural Networks -Intelligent Agent Systems Expert Systems -WebMD is the best example Intelligent Agent Systems -Program working in the background Types of Intelligent Agent Systems -User Agents -Performs a task for the user -Buyer agents (shopping bots) Searching for the best price Information Visualization Display of complex data relationships using graphical methods
