Monday, July 24, 2023

What is Business Intelligence and Business Analytics

Business intelligence helps companies make decisions about their internal and external environment. Such knowledge comes from using business analytics to understand and manage data. The somewhat looser use of the scientific method is applied as the collection, processing, analyzing, and concluding of information. If validity and accuracy is not assured then then junk data and poor decisions could be made. 

Sometimes data "hints" at something. It means that while a causal relationship hasn't been investigated fully, the general data is strong enough to show there is something going on. For example, one can follow a chain of decisions over a number of years to determine goals, another might be able to look at various outputs of group behavior to determine form and structure. 

In the world of Big Data that comes along with the Digital Era/Info Age, business intelligence will be king on many things. While the market may have the data available, it is often the intelligent and creative class that has the ability to see new avenues to data that were not thought of prior. You must know where to focus your efforts and that is part science and part art. There are some more gifted at it then others. 

(I posted for the video content. I'm unaffiliated with the company)

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