Business Intelligence and Data Analytics

These flashcards cover the key concepts, definitions, and features related to business intelligence and data analytics as presented in the lecture.

Business Intelligence

Actionable insights derived from data analysis to improve business processes and increase value.

Five Key Activities

The activities performed by finance professionals in business partnering: Assemble, Analyse, Advise, Apply, and Acumen.

Descriptive Analytics

The type of analytics that explains what has happened in the past through historical data analysis.

Diagnostic Analytics

The type of analytics that explains why something has happened, often through root cause analysis.

Predictive Analytics

The type of analytics that forecasts what is likely to happen in the future based on historical data.

Prescriptive Analytics

The type of analytics that suggests the best course of action based on data analysis.

ACCURATE

A mnemonic summarizing the features of high-quality information: Accurate, Complete, Cost-effective, User-specific, Reliable, Accessible, Timely, Understandable.

Data Mining

The process of discovering patterns and relationships in large datasets using methods from statistics and machine learning.

Sentiment Analysis

The process of analyzing text data to understand the emotional tone and perception of a brand or product.

A/B Testing

Comparing two versions of a variable to determine which performs better, commonly used in marketing.