Business Intelligence Last Update Copyright Kenneth M. Chipps Ph.D
Business Intelligence When we think of humans as intelligent beings we often refer to their ability to take in data from their environment, understand the meaning and significance of the information, and then act appropriately Can the same be said of business firms The answer appears to be a qualified yes Copyright Kenneth M. Chipps Ph.D
Business Intelligence All organizations, including business firms, do indeed take in information from their environments, attempt to understand the meaning of the information, and then attempt to act on the information Just like human beings, some business firms do this well, and others poorly Copyright Kenneth M. Chipps Ph.D
Business Intelligence Business intelligence is a term used by hardware and software vendors and information technology consultants to describe the infrastructure for warehousing, integrating, reporting, and analyzing data that comes from the business environment Copyright Kenneth M. Chipps Ph.D
Business Intelligence The foundation infrastructure collects, stores, cleans, and makes relevant information available to managers Business intelligence is then about integrating the information streams produced by a firm into a coherent enterprise-wide set of data Copyright Kenneth M. Chipps Ph.D
Business Intelligence And then, using modeling, statistical analysis tools - such as normal distributions, correlation and regression analysis, Chi square analysis, forecasting, and cluster analysis - and data mining tools such as pattern discovery and machine learning Copyright Kenneth M. Chipps Ph.D
Business Intelligence The business attempts to make sense out of all this so managers can make better decisions and better plans, or at least know quickly when their firms are failing to meet planned targets Vendors have created software tools just for this purpose For example Copyright Kenneth M. Chipps Ph.D
Business Intelligence Copyright Kenneth M. Chipps Ph.D
Business Intelligence Copyright Kenneth M. Chipps Ph.D
Sources Most of this is copied from –Management Information Systems –12 Edition –Ken Laudon and Jane Laudon Copyright Kenneth M. Chipps Ph.D