Strategy and Information Systems

Performance benchmarking

a comparative assessment of an organization’s performance against industry standards or competitors

Five forces that shape industry competition

Threat of new entrants, bargaining power of customers, threat of substitutions, bargaining power of suppliers, rivalry

Data mining

the process of sorting through large data sets to identify patterns and relationships

Process analysis

the exercise of analyzing processes to identify opportunities to improve the way they operate

Descriptive analytics

The process of using current and historical data to identify trends and realtionships

BI Process

1. Acquire data

1. 2. Perform analysis

2. 3. Publish results

Master Data Management (MDM)

process that makes the acquired data uniform and consistent

Data warehouse

a centralized repository designed to store integrated data from multiple sources

Data sources, staging area, warehouse, users

Data Warehouse Architecture

Extract, transform, load (ETL)

process of combining data from multiple sources or systems into a large database, data warehouse, or data lake

Metadata

Data that provides information about other data and is stored in a special-purpose metadata database/repository

Operational Data

current, up to date information used to run and manage the day to day operations of an organization

Data mart

A subset of a data warehouse tailored for the specific needs of a particular department or function, such as marketing, sales, finance, or application within an organization

Data lake

a central repository for large amounts of structured and unstructured data at any scale. Maintain data in its raw, unprocessed form.

Data lakehouse

A modern data management architecture that combines elements of both data lakes and data warehouses.

RFM Analysis (recency, frequency, monetary value)

a marketing technique that ranks and groups customers based on their purchasing behavior

OLAP analysis (Online analytical processing)

a category of software tools used to analyze large business databases and supports complex calculations, trend analysis, data modeling, and business intelligence activities.

Data mining

the application of statistical techniques to discover patterns, correlations, anomalies, and relationships in large datasets for classification and prediction

Supervised data mining

Analysts develop a model or hypothesis before the analysis and apply statistical techniques to the data to estimate the model’s parameters

Unsupervised Data Mining

Analysts do not create a model or hypothesis before running the analysis. Instead, they apply a data mining algorithm to the data and observe the results

Regression Analysis

An analyst measures the effect of a set of variables on another variable

Cluster analysis

Uses statistical methods to identify groups of entities with similar characteristics

Big Data

a term used to describe data collections that are characterized by extremely large volume, rapid velocity, and great variety.