Scribd
Upload
190 views21 pages

8 Business Intelligence Tools and Techniques

Business intelligence tools and techniques can greatly improve business performance through increased returns on investment, customer experience, and decision-making speed. Failure to adopt BI can result in large amounts of unused data. Several BI techniques exist, including analytics, predictive modeling, online analytical processing, data mining, and model visualization. These techniques analyze data to extract meaningful insights, establish patterns, predict future outcomes, and transform information into useful visuals to aid decision-making. Descriptive and predictive analyses are commonly used types of analysis.

Uploaded by

Alia Maitah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
190 views21 pages

8 Business Intelligence Tools and Techniques

Business intelligence tools and techniques can greatly improve business performance through increased returns on investment, customer experience, and decision-making speed. Failure to adopt BI can result in large amounts of unused data. Several BI techniques exist, including analytics, predictive modeling, online analytical processing, data mining, and model visualization. These techniques analyze data to extract meaningful insights, establish patterns, predict future outcomes, and transform information into useful visuals to aid decision-making. Descriptive and predictive analyses are commonly used types of analysis.

Uploaded by

Alia Maitah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 21

Business intelligence tools and

techniques

1
Business intelligence greatly improves

◼ Business performance, with statistics


showing up to a ten-fold increase in the
return-on-investment.
◼ Five-time increase customer experience and
decision making speed.
◼ Failure to adopt BI has resulted in large
chunks of data remaining unutilized.

2
Business intelligence techniques

◼ Several business intelligence techniques can


be put to use to gain insights & help in
decision making.

3
Business intelligence techniques -
Analytics
◼ Is the study of available data to extract
meaningful insights and trends
◼ Let businesses deeply understand the data
they have and drive ultimate value with data-
driven decisions

4
Business intelligence techniques –
Analytics -Examples
◼ Establish the customer segments that are
highly likely to convert to new customers
◼ Speech Analytic to improve customer
experience & quality assurance

5
Business intelligence techniques -
Predictive Modeling(Analytics)
◼ Mathematical process that seeks to predict
future events or outcomes by analyzing
patterns that are likely to forecast future
results
◼ Answer this question: Based on known past
behavior, what is most likely to happen in the
future?
◼ Train statistical model from collected data

6
Business intelligence techniques -
Predictive Modeling(Analytics) Examples
◼ Weather prediction
◼ Customer retention
◼ Online advertising & marketing
◼ Email systems(Spam folder)

7
Business intelligence techniques –
Online Analytical Processing(OLAP)
◼ Technique for solving analytical problems
with different dimensions.
◼ Define problem from different perspectives

8
Business intelligence techniques – Online
Analytical Processing(OLAP) - Example

◼ Budgeting
◼ Customer Relationship Management (CRM)
data analysis
◼ Business reporting for sales, marketing,
management reporting, business process
management (BPM)
◼ Forecasting, financial reporting

9
Business intelligence techniques –
Data Mining
◼ Technique for discovering patterns in huge
datasets and often incorporates database
systems, statistics, and machine learning to
find these patterns
◼ Operations: consolidation/roll-up, drill-down,
and slicing and dicing

10
Business intelligence techniques –
Data Mining – con’t
◼ Operations: consolidation/roll-up, drill-down,
and slicing and dicing
◼ Sales division numbers rolled up to the different
regions(consolidation/roll-up)
◼ Sales by individual products that make up a
region's sales(Drill-down)
◼ Look at sales by person, or by date, or by
customer, or by product, or by region(slicing and
dicing)

11
Business intelligence techniques –
Data Mining - Example
◼ Business could mine CRM data to predict
which leads will most likely buy a certain
solution or product.

12
Business intelligence techniques –
Model Visualization
◼ Transform discovered facts into plots, charts
and other visuals that aid in proper
interpretation.

13
Business intelligence tools

◼ MS
◼ Looker
◼ Datapine
◼ SAPBI
◼ SAS
◼ Tableau
◼ …..

14
Descriptive analysis

◼ Analysis of past (or historical) data to


understand trends and evaluate metrics over
time
◼ Limited to representing data in the tabular
and graphical form.
◼ Once the data is analyzed and projected the
process of drawing insights is left for people
to handle

15
Descriptive analysis - Examples

◼ Cash flow analysis


◼ Sales and revenue reports

16
Predictive analysis

◼ Analysis to predicts future trends.


◼ Forecasts the future (Not 100%)
◼ Can predict the values of missing fields in a
data set
◼ Impact of data changes on future trends.

17
Predictive modeling

◼ Statistical technique to predict future behavior


& probability of an outcome and it can be
applied to any unknown event
◼ Analyze historical and current data and
generating a model to help predict future
outcomes
◼ Data collection
◼ Statistical model is formulated
◼ Predictions are made
◼ Model validated or revised
18
Predictive modeling
Choosing model
◼ Detection theory; guesses the probability
outcome given some input
◼ Parametric Model
◼ Non-Parametric Model
◼ Predictive Modeling is popular due to Big
data & ML

19
Predictive modeling vs
Predictive Analytics
Predictive Modeling Predictive Analytics
Runs one or more algorithm on data Analyze old historical & transactional
sets data using statistics & DM to predict
outcome

Parametric & Non-Parametric Models Predictive, Descriptive & Decision


Models

Model is reusable Use DM, Modeling, ML & AI

Auto insurance, Health Care Risk Management, Fraud detection,


Collections Analytics

20
◼ Findexamples of how data
mining techniques can be used to
find
❑ Anomalies
❑ Cluster patterns

❑ Relationships between data sets.

21

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy