Chap 1 3ke3

Why has there been growth in hardware software and network capacities?

The cost to produce 1gb of storage has decreased immensely and the processing power has grown

What are some ways businesses have changed to adapt to support decision making and analytics?

-Group communication and collaboration
-Improved data management
-Managing giant data warehouses and big data
-Analytical support
-Overcoming cognitive limits in processing and storing information
-Knowledge management
--Anywhere anytime support

Evolution of Computerized Decision Support to Analytics/Data Science: 1970s

Decision Support Systems

Evolution of Computerized Decision Support to Analytics/Data Science: 1980s

Enterprise/Executive IS

Evolution of Computerized Decision Support to Analytics/Data Science: 1990s - mid2000s

Business Intelligence

Evolution of Computerized Decision Support to Analytics/Data Science: 2000s - early2010s

Analytics

Evolution of Computerized Decision Support to Analytics/Data Science: 2010s

Big Data

What is business intelligence

An umbrella term that combines architectures, tools, databases,analytical tools, applications, and methodologies

What is BI's (business intelligence) main objective?

to enable interactive access (sometimes in real time) to data, to enable manipulation of data, and to give business managers and analysts the ability to conduct appropriate analyses

What is Online Transaction Processing (OLTP)?

Operational databases; Data \n -Handle a company's routine ongoing business; The very design that makes an OLTP system efficient for transaction processing makes it inefficient for end-user ad hoc reports, queries, and analysis \n --ERP, SCM, CRM, ...

Online Analytical Processing (OLAP)

Data WareHouses; Decision Support \n -Manipulation of information to create business intelligence in support of strategic decision making

What is analytics?

he process of developing actionable decisions or recommendations for actions based on insights generated from data
-new or buzz word

What are the three types of business analytics?

descriptive, predictive, prescriptive

What is descriptive analytics extra?

-what happened
-what is happening
-business reporting
-dashboards
-scoreboards
-data warehousing
-well defined business problem and opportunities

What is predictive analytics extra?

what will happen
why will it happen
-data mining
-text mining
-web media mining
-forecasting
accurate projections of future events and outcomes

What is prescriptive analytics extra?

what should i do
why should i do it
-optimization
-simulation
-decision modeling
-expert systems
best possible business decisions and actions

Descriptive (or reporting) Analytics

Refers to knowing what is happening in the organization and understanding some underlying trends and causes of such occurrences

Predictive Analytics

Aims to determine what is likely to happen in the future. This analysis is based on statistical techniques as well as other more recently developed techniques that fall under the general category of data mining

Prescriptive Analytics

to recognize what is going on as well as the likely forecast and make decisions to achieve the best performance possible

What are some analytic examples in retail value chain?

-Inventory optimization
-Price elasticity
-Market basket analysis
-Shopper insight
-Customer churn analysis
-Channel analysis
-New store analysis
-Store layout
-Video analytics

What is Big Data?

-Data that cannot be stored or processed easily using traditional tools/means
-Data that comes in many different forms- Volume, Variety, Velocity

What is part of the analytics ecosystem?

-Data Generation Infrastructure Providers
-Data Management Infrastructure Providers
-Data Warehouse Providers
-Middleware Providers
-Data Service Providers
-Analytics Focused Software Developers
-Application Developers: Industry Specific or General
-Analytics Industry Analysts and Influencers
-Academic institutions and certification agencies
-Regulators and Policymakers
-Analytics User Organizations

What are Data Generation Infrastructure Providers?

This group includes companies creating the infrastructure for collecting data from different sources. -leading players: Intel, Microsoft,Google, IBM, Cisco, Apple

What are Data Management Infrastructure Providers?

This group includes all of the major organizations that provide hardware and software targeting the basic foundation for all data management solutions
-IBM, Dell, Oracle, HP, SAP, and Amazon for cloud computing

What are Data Warehouse Providers?

Companies with a data warehousing focus provide technology and services aimed toward integrating data from multiple sources, thus enabling organizations to derive and deliver value from its data assets.
-IBM, Oracle, Teradata

What are Middleware Providers?

The general goal of the middleware industry is to provide easy-to-usetools for reporting or descriptive analytics
-SAS, Tableau

What are Data Service Providers?

There are many external data sources that play a major role in any organization's decision making
-Google, Nielsen, TransUnion, Equifax

What are Application Developers: Industry Specific or General?

This industry group makes it possible for analytics technology to be used in a specific industry.
-IBM, SAS, Teradata

What are Analytics Industry Analysts and Influencers?

1. Professional organizations that provide advice to the analytics industry providers and users. E.g., Gartner, McKinsey

2. Societies or organizations that also provide some of the sameservices but are membership based and organized. E.g.,INFORMS

3. Analytics ambassadors, influencers that have presented their enthusiasm for analytics through their seminars, books, and other publications

What are Academic institutions and certification agencies?

Academic programs that prepare professionals for the industry

What are Regulators and Policy makers?

Responsible for defining rules and regulations for protecting employees, customers, and shareholders of the analytics organizations
-Federal Trade Commission (FTC),International Telecommunication Union (ITU)

What are Analytics User Organizations?

This is the economic engine of the whole analytics industry

What are the four main components of BI?

a DW, with its source data;

business analytics, a collection of tools for manipulating, mining, and analyzing the data in the DW;

BPM (business performance management) for monitoring and analyzing performance;

and a user interface

The components of the analytics ecosystem are grouped into three categories represented by...

the inner petals, outer petals, and the seed (middle part) of the flower.

The outer six petals can be broadly termed as the technology providers. Their primary revenue comes from providing...

...technology, solutions, and training to analytics user organizations

The inner petals can be generally defined as the analytics accelerators. The accelerators work with both...

...technology providers and users

The core of the ecosystem comprises the analytics user organizations this is the most important component, as every...

...analytics industry cluster is driven by the user organizations