Companies Are Adopting Business Intelligence System Within Their Organizations

Companies are adopting business intelligence system within their organizations because by using the system reports they can gain the advantages of understanding their internal strength and weaknesses to face external competitors and challenges to increase profits and reduce cost on their everyday operations and processes.

(b) One quoted advantage of implementing a Business Intelligence systems is the concept of a ‘single version of the truth’ Explain what this refers to?

‘Single version of Truth” quoted in advantage of implementing Business Intelligence Systems means be referring to how accurate the information being pull out from the system as reports. As long as the reports are from one source, and retrieved by a defined time, the data in these reports are truly the same all over the enterprise.

c) Explain the difference between OLAP analysis and data mining / predictive analysis

OLAP, Online Analytical Processing, analyst is to provide multidirectional data analysis data out of database(s). It analysis on operational questions, like average, summation, mid, median, maximum, minimum, variance, and etc. this is to optimal transaction speed for quicker reporting of transaction records to customer or company’s management.
Data mining / predictive analysis is to identify trends, anticipated hot-spots, predict future trends based on the likelihood of specific activity, and refined resource deployment decisions.
OLAP analysis and data mining / predictive analysis are used to solve different kinds of analytical problems. OLAP analysis used on operational problems and data mining / predictive analysis unveil hidden pattern in data and operates at details level instead.

Question 2

a) Explain how predictive analysis can be used within an organization. Explain what benefits it’s adoption could provide. Provide examples

Predictive analysis helps forecast the future event outcome or likelihood of specific activity occurring. From