Business Intelligence and Data Analysis Overview

Question 1

What is Business Intelligence?

Answer 1

A technological approach to convert raw, unprocessed data into meaningful, actionable information for business analysts.

Question 2

What is the core of Business Intelligence?

Answer 2

Creating an environment where data informs strategic business decisions.

Question 3

What are benefits of Business Intelligence?

Answer 3

• Improve Operations
• Increase Efficiency
• Boost Financial Performance

Question 4

Tools and methodologies of Business Intelligence

Answer 4

1. Data Mining
2. Analytical Processing
3. Querying
4. Reporting
5. Data Visualization
6. Data Analysis

Question 5

What is Data Visualization?

Answer 5

• A graphical representation of information and data
• They make complex data more understandable and usable
• Increase stakeholder engagement since they are more accessible than rows and rows of data
• Powerful communication tool and can tell a compelling story with data, making the insights more memorable and persuasive

Question 6

What is Data Analysis?

Answer 6

The reasons behind the trends and patterns shown in visualizations

Data Analysis is like the detective of BI that does the following:
1. Sift through data
2. Ask critical questions
3. Uncovers the truth

Question 7

What does Data Analysis allow you to do?

Answer 7

• Uncover insights
• Identify Problems
• Make informed decisions

Question 8

What is predictive analytics?

Answer 8

Using current and historical data to forecast future events, behaviors and trends