Podcast Beta
Questions and Answers
What is the primary goal of business data analytics?
Which of the following is NOT considered a perspective of business data analytics?
How does the business data analytics cycle approach research questions?
What activities does business data analytics encompass?
Signup and view all the answers
What is essential for business data analytics to be effective?
Signup and view all the answers
What is the primary driver of decisions and changes in businesses adopting a data-driven management philosophy?
Signup and view all the answers
Which type of data has allowed insurance companies to move beyond traditional demographic data methods?
Signup and view all the answers
How has the use of advanced analytics changed the insurance industry?
Signup and view all the answers
What has prompted businesses to adopt a data-driven management philosophy?
Signup and view all the answers
What approach are insurance companies encouraged to take with the emergence of better data analytics?
Signup and view all the answers
Study Notes
Business Data Analytics
- Business data analytics is an iterative research process for exploring business data through techniques, competencies, and practices.
- The goal is to extract insights that improve decision-making.
- Business data analytics is used for investigations and hypothesis testing, and for discovering new insights from business data.
- The business data analytics cycle is an iterative process that focuses on answering a well-defined research question.
- Business data analytics can be viewed from multiple perspectives:
- A movement
- A capability
- A data-centric activity set
- A decision-making paradigm
- A set of practices and technologies
Business Data Analytics
- Business data analytics is a management philosophy prioritizing evidence-based problem solving.
- Data drives business decisions and change.
- Technological advancements in data digitization and analytics methods encourage data-driven management.
Insurance Industry Application
- Generating better customer value in insurance is achieved through understanding individual risk profiles.
- Data analysis allows insurers to anticipate needs, personalize offers, and tailor customer experiences.
- Traditional demographic data is being replaced by telematics, social media, and lifestyle data.
- This new data reveals individual risk patterns through advanced analytics, leading to changes in product marketing, pricing, and claims management.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Explore the iterative research process of business data analytics aimed at improving decision-making. This quiz covers various perspectives on business data analytics, including its techniques and practices. Test your knowledge on how to extract insights effectively from business data.
