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One crucial component of bibusiness analyticsis

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One crucial component of BI—business analytics—is essential to thesuccess of companies in a wide range of industries, and more famous-ly essential to the success of professional sports teams such as theBoston Red Sox, Oakland A’s and New England PatriotsIn retail, Wal-Mart uses huge amount of data and category analysisto dominate the industry. Amazon and Yahoo are another exampleof such organisations. They are not just e-commerce sites they aretremendously analytical and follow a "test and learn" approach tobusiness changes. Capital One, another organisation runs more than30,000 experiments a year to recognise desirable customers and pricecredit card offers.NMIMS
NOTESNMIMS Global Access - School for Continuing Education212INFORMATION SYSTEM FOR MANAGERS19.Organisations use BI for __________ decision making process,_______ costs and _________ new business opportunities.20. _________ a process of retrieving data, formatting it anddelivering it to the organisation internally and externally.21. Business Intelligence is a concept that contains the deliveryand integration of relevant and useful business information inan organisation. (True/False)SELF ASSESSMENT QUESTIONSMake a short note on the latest trends in business intelligence. Youcan utilise the Internet for any related searches.ACTIVITY8.9SUMMARYData warehouse can be simply defined as a collection of data to sup-port the information system process. It stores very large amount ofdata to retrieve information that helps in decision making.A data warehouse is made of various constituents or componentsthat are essential to make a data warehouse work efficiently. Thesecomponents are combined together to make an effective datawarehouse.Data mining is the process of digging through huge amount of dataand analysing it for extracting the useful meaning from the data.Data mining tools and techniques are used by many companiessuch as retail, finance, health care, manufacturing transportation,and aerospace to take advantage of historical data.Data mining is a field that consists of a set of disciplines, includingdatabase systems, statistics, machine learning, visualisation andinformation science.BI is an umbrella term that consists of different types of businesssoftware applications.Organisations use BI for improving the decision making process,reducing costs and identifying new business opportunities.A successful BI solution can enhance the productivity of your or-ganisation. It supports your processes and best practices and al-lows employees to boost the power of the entire organisation.NMIMS
NOTESNMIMS Global Access - School for Continuing EducationDATA WAREHOUSING, DATA MINING, AND BUSINESS INTELLIGENCE213ASCII:It an acronym of American Standard Code for Informa-tion Interchange with a character encoding scheme.

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