Business Analytics and Text Analytics Overview

Text Analytics and Business Analytics

• Text Analytics involves analyzing text data to gain insights.
• Business Analytics utilizes data to enhance decision-making focusing on present and future business strategies.

Business Intelligence and Descriptive Analytics

• Business Intelligence employs technology and data to help businesses understand performance and make informed decisions.
• Descriptive Analytics analyzes past data to comprehend historical events' occurrences, such as identifying peak sales periods.

Diagnostic, Predictive, and Prescriptive Analytics

• Diagnostic Analytics investigates data to understand the reasons behind occurrences, such as identifying causes for a sales decline.
• Predictive Analytics forecasts future trends or events, like weather predictions, based on historical data.
• Prescriptive Analytics offers data-driven recommendations, assisting in decision-making, like suggesting optimal routes based on traffic.

Real-time, Cloud, and Edge Technology

• Real-time Analytics evaluates incoming data instantly, such as monitoring live video viewership statistics.
• Cloud Analytics leverages internet tools to store and analyze data remotely, exemplified by using Google Drive for data storage.
• Edge Technology processes data near its source for efficiency, such as fitness tracking on smartwatches without the need for cloud integration.

Blockchain Technology and Data Management

• Blockchain Technology records information securely and immutably, used in cryptocurrencies like Bitcoin for transaction tracking.
• Data Mining discovers patterns and useful information in vast datasets, identifying purchasing trends in e-commerce.
• Data Discovery explores datasets to reveal new insights about product performance across seasons.

Data Governance and Quality Management

• Data Governance involves rules and policies for data handling, ensuring security and privacy of customer information.
• Data Quality Management ensures data accuracy and usability, with businesses regularly auditing customer databases.

Data Literacy and Democratization

• Data Literacy is the skill to understand and utilize data effectively for decision-making.
• Data Democratization makes data accessible to all organizational members, empowering non-experts.

Data Integration, Cleansing, and Consumption

• Data Integration combines inputs from various sources to create comprehensive reports, ensuring business insights.
• Data Cleansing corrects or removes inaccurate data, vital for maintaining database integrity, especially before marketing campaigns.
• Data Consumption pertains to how businesses utilize data for operational decisions, like inventory management.

Data Engineering and Stewardship

• Data Engineering focuses on creating systems for efficient data collection and analysis.
• Data Stewards manage and protect data, overseeing compliance with privacy regulations and ensuring data security.

Data Lineage and Fabric

• Data Lineage tracks data's origins and movements, assisting in verifying data accuracy over time.
• Data Fabric is an architecture that integrates and manages data across multiple platforms, promoting consistency and accessibility.

Data Warehousing

• Data Warehousing involves the storage of extensive data in single locations for analysis, streamlining data management processes.

This quiz covers key concepts in Business Analytics and Text Analytics, focusing on how analyzing data helps business decision-making. It explores scenarios like analyzing customer reviews and sales data to identify trends and insights.