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Business Intelligence (BI)

An umbrella term that combines architectures, tools, databases, analytical tools, applications, and methodologies to enable easy access to data for business analysis.

Analytics

The systematic computational analysis of data or statistics.

Descriptive Analytics

A form of analytics that answers the question 'What happened?'

Predictive Analytics

A form of analytics that answers the question 'What will happen?'

Prescriptive Analytics

A form of analytics that answers the question 'What should I do?'

Decision Support Systems (DSS)

Interactive computer-based systems that help decision-makers utilize data and models to solve unstructured problems.

Data Warehouse

A centralized repository for storing large amounts of data collected from different sources.

Big Data

Data sets that are so large or complex that traditional data processing applications are inadequate.

Real-time Monitoring

The ability to continuously monitor and report on data as it becomes available.

Business Performance Management (BPM)

A collection of processes for monitoring and managing an organization's performance to achieve business goals.

Business Intelligence (BI)

A comprehensive framework that encompasses the technologies, tools, databases, analytical processes, applications, and methodologies that allow businesses to access, analyze, and leverage their data in order to make informed decisions and drive strategic initiatives.

Analytics

The field that deals with the systematic computational analysis of data or statistics, helping organizations gain insights and make data-driven decisions.

Descriptive Analytics

The type of analytics that focuses on interpreting historical data to answer the question 'What happened?', providing insights into past performance and trends.

Predictive Analytics

A branch of analytics that utilizes historical data and statistical algorithms to predict future outcomes, effectively answering the question 'What will happen?'.

Prescriptive Analytics

An advanced type of analytics that goes beyond predicting outcomes to recommend actions, thus addressing the question 'What should I do?' in decision-making.

Decision Support Systems (DSS)

Sophisticated computer-based information systems designed to assist decision-makers by providing interactive access to data and analytical tools to solve complex, unstructured problems.

Data Warehouse

A structured repository that centralizes and organizes large volumes of data collected from diverse sources, enabling analysis and reporting for informed decision-making.

Big Data

Extremely large and complex data sets characterized by their volume, velocity, and variety, which traditional data processing methods are unable to handle effectively.

Real-time Monitoring

The capability of continuously observing and reporting on data as it becomes available, allowing for immediate insights and timely responses to changes in the environment.

Business Performance Management (BPM)

A systematic approach that encompasses activities and processes aimed at monitoring, analyzing, and managing an organization’s performance to ensure alignment with strategic objectives and business goals.