Introduction The dynamics of our society bring many challenges and opportunities to the business world. Within the last decade, hundreds of jobs have emerged particularly in the technology sector to help keep up with the ever-changing world and to compete on a larger and better scale than the competition. Two key job markets and the basis of this research paper are business intelligence or BI and data mining or DM. These two fields play a very important role in small to large companies and are becoming higher desired sectors within the back offices of the workplace. This paper will explore what the meaning of BI and DM really is, how they are used and what we can expect as workers and learners of the technology and business fields for the future. What Is Business Intelligence and Data Mining? Business intelligence, or BI, is an umbrella term that refers to a variety of software applications used to analyze an organization’s raw data. BI as a discipline is made up of several related activities, including data mining, online analytical processing, querying and reporting. Data mining is the process of sorting through large amounts of data and picking out relevant information. It is usually used by business intelligence organizations, and financial analysts, but is increasingly being used in the sciences to extract information from the enormous data sets generated by modern experimental and observational methods. History of Business Intelligence and Data Mining Prior to the start of the Information Age in the late 20th century, businesses had to collect data from non-automated sources. Businesses then lacked the computing resources necessary to properly analyze the data, and as a result, companies often made business d... ... middle of paper ... ...at to expect from our society and consumers is very key in the business world. With business intelligence and Data Mining strategies and skills, companies can have that extra competitive edge which will in turn increase profits and market share. The skills gained by those employees who specialize in the BI and DM fields will continue to be top-notch assets to companies and based on the salary trends, they will continue to have increasing compensation. Businesses that implement BI and DM effectively will dominate their markets and stay ahead of the curve. References http://en.wikipedia.org/wiki/Business_intelligence http://www.podtech.net/home/search/Business+Intelligence http://www.cox.smu.edu/certificates/businessintelligence http://www.indeed.com/salary?q1=computer+science%2C+data+mining&l1= http://www.spss.com/software/?source=homepage&hpzone=nav_bar
Traditional business intelligence tools are being replaced by data discovery software. The data discovery software has numerous capabilities that are dominating purchase requirements for larger distribution. A challenge remaining is the ability to meet the dual demands of enterprise IT and business users.
In today’s organizational structure many of the organizations realize that business intelligence (BI) can provide solutions and important competitive advantages and thus want to evolve their BI strategies beyond spreadsheets.
The business intelligence (BI) marketplace is teaming with new innovations and struggles for market share. With new technologies and more companies entering the business intelligence landscape pricing for BI processes and tools are decreasing. “The relational database market is around 30 years old. It should be mature by now, but every year there seem to be new innovations in the relational database space. I’m always astounded that there continue to be new entrants” (Beckerle, p. 281, 2008).
Williams, Steve, and Nancy Williams. The Profit Impact of Business Intelligence. Amsterdam: Elsevier/Morgan Kaufmann, 2007. Print
Business intelligence (BI) is the process of gathering enough of the right information in the right manner at the right time, and delivering the right results to the right people for decision-making purposes so that it can continue to yield real business benefits, or have a positive impact on business strategy, tactics, and operations in the enterprises. Business intelligence is a well-established and generally well-known software category that spans a wide range of functional capabilities. Business Intelligence systems are one step above knowledge management systems. Although sspecific definitions will vary from customer to customer and vendor to vendor, but most will agree that business intelligence typically refers to the challenge of providing business users with meaningful information from company data sources to help those users make better, more informed business decisions. BI applications include activities of online analytical processing (OLAP), decision support systems (DSS), data warehousing and data mining. Business Intelligence includes the following functions:
The combinational development of databases and AI machines that bring the new technology called as discovery in databases, The overall fields of science that discover machine learning, data visualization, knowledge recognition, computing on high performance, and expert systems but the main thing in it is data selection, data pre-processing, data converting, data mining explanation and evolution of knowledge while the data mining is the steps of knowledge discovering and is the most important one.[2]
Attracting focus from firms in all industries, Big Data offers many benefits to those companies with the ability to harness its full potential. Firms using small data derive all of the data’s worth from its primary use, the purpose for which the data was initially collected. With Big Data, “data’s value shifts from its primary use towards its potential future uses” (Mayer-Schonberger & Cukier, 2013, p.99) thus leading to considerable increases in business efficiency. Employing Big Data analytics allows firms to increase their innovative capacity, and realize substantial cost reductions and time reductions. Moreover, Big Data techniques can be applied to support internal business decisions by identifying complex relationships within data. However, it is also important to recognize that much of Big Data’s value is “largely predicated on the public’s continued willingness to give data about themselves freely” (Brough, n.d., para. 11). As previously discussed, much of the content of Big Data is unstructured data from social media sites etc., and so if such data were to no longer be publically available due to regulation etc. the value of Big Data would be significantly diminished.
Gurjar, Y., & Rathore, V. (2013). Cloud business intelligence - is what business need today.International Journal of Recent Technology and Engineering, 1(6)
Wixom, B. H., Watson, H. J., & Werner, T. (2011). Developing an enterprise business intelligence capability: The norfolk southern journey. MIS Quarterly Executive, 10(2), 61-71.
There are many ways that data mining can be applied to your corporate data, which will provide greater insight into your business or operations. The value that data mining provides is knowledge about patterns or events that you may not know. As data storage technology advances and information systems continue to collect and process data, a treasure is amassing that is waiting to be discovered. Are you ready to make your claim and find your riches?
These obstacles include the wholesomeness of the data, analytical knowledge, an understanding of statistics, and several other philosophical and educational challenges. Gathering the data is usually half the battle in the analytics game. The data collected could include social networking information, sales lists, real estate listings, product lists, and product reviews and can be gathered into structured storage and analyzed. The gathered data proves to be a valuable resource for businesses that look to analytics in order to enhance their market
Companies have transformed technology from a supporting tool into a strategic weapon.”(Davenport, 2006) In business research, technology has become an essential means that many organizations use in their daily operations. According to the article, Analytics is a major technological tool used. It is described as “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions."(Davenport, 2006) Data is compiled to enhance business practices. When samples are taken, they are used to examine research and understand how to solve problems or why situations are as they are. Furthermore, in this article, Thomas Davenport discusses analytics from a business standpoint. He refers to organizations that have been successful in their usage of data and statistical analysis. In addition, he also discusses how data and statistics can be vital in the efforts to improve the operations of businesses.
In today’s society, technology has become more advanced than the human’s mind. Companies want to make sure that their information systems stay up-to-date with the rapidly growing technology. It is very important to senior-level executives and board of directions of companies that their systems can produce the right and best information for their company to result in a greater outcome and new organizational capabilities. Big data and data analytics are one of those important factors that contribute to a successful company and their updated software and information systems.
It can also interpret the data that comes from the activities that a business undertake, activities such as
First of all, business intelligence analysis requires the capturing of information and storing in a single location for effective data analysis. Currently, data analysis is supported by transactional systems, business specific data marts, and other ad-hoc processes. Information is distributed making it difficult and time-consuming to access. Business teams have adapted to this environment by creating user maintained databases and manual “work-arounds” to support new types of reporting and analysis. This has resulted in inconsistent data, redundant data storage, significant resource use for maintenance, and inefficient response to changing business needs.