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Business Intelligence Components Three Types of Tools Info. & Knowledge Discovery o Search for hidden relationships o Hypotheses are tested against existing data Ex: Customers wit a household income over $150,000 are twice as likely to respond Business Analytics Info. Visualization Online Analytical Processing Complex, multi dimensional analyses of data beyond simple queries OLAP Server-main OLAP component o Measure and dimensions o Data Mining o Association discovery Cubes OLAP data structure organizing data via multiple dimensions Cubes can have any number of dimensions o Most can’t comprehend have 3 dimensions o Why might more than 3 dimensions be needed? Ex: Wal-Mart dividing their data into more and more ways into things like online shopping, mobile shopping, in store, mobile v. online, etc. Slicing and dicing-analyzing the data on subsets of the dimensions Data Mining Used for discovering “hidden” predictive relationships in the data o Patterns, trends, or rules Ex: identification of profitable customer segments or fraud protection. Credit card companies do this for its customers to minimize risk of theft. o Predictive models to be tested against “fresh” data as well Data mining algorithms are run against large data warehouses o Data reduction helps us reduce the complexity of data and speed up analysis ENDOGENENITY: bias resulting from omitting variables o Ex: relationship between ice cream sales and crime. Temperature influences both of these, but this variable is omitted, there fore resulting in endogenenity. Text Mining the Internet Analytical techniques for extracting information from text on webpages o Ex: Craigslist, Facebook Textual Analysis Benefits Marketing-learn about customer’s thoughts, feelings, and emotions Operations-learn about product performance by analyzing service records or customer calls Strategic decisions-gather competitive intelligence Web Usage Mining Used by organizations such as Amazon.com Used to determine patterns is customer’s usage data o How users will navigate through the site o How much time they spend on different pages Clickstream data-recording the user’s path through the website Stickiness-a web pages ability to attract and keep users Google Analytics Twitter Feeds Have you ever heard of anyone mining Twitter feeds? o As a businessperson, what kind of information could you learn about your customers if you subscribed to every twitter feed imaginable and mined the data? Who your demographics are, what the customers thing of the product, learn what people like, etc. Is there any danger in a business student becoming too “tech savy”? o As a result, it can lead to becoming to dependent on the use of technology. Business Analytics BI applications to support human and automated decision making o Used to predict future outcomes o Decision Support Systems-support human unstructured decision making DSS Support for recurring problems o Structured or unstructured? Mostly used at the managerial level Used for automated decision-making Intelligence Systems Expert Systems o Uses reasoning methods based on knowledge about a specific problem domain in order to prove advice, much like a human expert Ex: WebMD symtomchecker Neural networks o Network of processing elements that work together to complete a task and attempt to approximate the functioning of the human brain and can learn by example Trained by having it categorize a large data base of pasting information for common patterns Intelligent Agent Systems o User agents o Performs a task for users Buyer agents o Search for the best price Monitoring and sensing agents o Keeps track of key information to notify user when conditions change Data-mining agents o Continuously analyze large data warehouses to detect changes deemed important by a user, sending notifications when changes occur Webcrawlers o Continuously browse web for specific information Destructive agents o Malicious agents designed by spammers and other Internet attackers to farm email addresses off websites or deposit spyware on machines