Provide examples of the different types of software applications that produce Business Intelligence used by businesses to help decision makers. How many of the different software applications provide decision-tree and k-nearest neighbor modules? What are some advantages and disadvantages of data mining applications? Which one produces more actionable Business Intelligence?
Business intelligence soft wares are critical tools that transform data into actionable strategies and insights. Organizations at different levels and phases employ business intelligence software to analyze and manage business data to make informed decisions. This business intelligence software includes fast and accurate reporting, lower margins, competitive business insights, increased revenue, better quality data, improved, accurate decisions, increased customer satisfaction, increased operational efficiency, and valuable business insights.
All this business intelligence software is essential for organizations to increase profit margin and maintain a competitive edge. However, Organizations leverage fast and accurate reporting, valuable business insights, and improved accurate decisions to make an informed decision. Fast and precise reports provide a clear, real-time interactive framework to allow managers to access information faster and make decisions (Master in Data Science, 2020). Managers use valuable business insights to provide a predictive model that blends all the insights to generate new strategies to ensure organizations make the best decision. Improved, accurate decisions employees use a tree-like model to analyze their competitors and make decisions based on possible risks, consequences, and outcomes.
Data mining is an essential process in the transformation of raw data into actionable strategies. Data mining is applied in many fields for knowledge discovery. Although the process has a lot of advantages, it also has its disadvantages. Some of the benefits include increased web optimization, boosts marketing campaigns, and increases customer satisfaction. On the other hand, data mining violates consumer privacy, misuses the information, and may provide biased information.
In conclusion, business intelligence software is a more actionable strategy for the smooth operation of a business. Business intelligence software can analyze all the business failures to generate a customized solution, while data mining involves quantitative analysis of data sets to come up with useful information.
References
Master in Data Science. (2020). Here are 10 Key Benefits of Business Intelligence Software. Retrieved from Master in Data Science: https://www.mastersindatascience.org/learning/benefits-of-business-intelligence/
