Business Intelligence and Data Management Quiz

Business Enterprise

• A business enterprise produces goods or services in exchange for financial benefits.
• It's any operation aiming to make a profit by providing goods or services.
• Enterprises vary in size, industry, and structure, but share essential functions.

Types of Business Enterprises

• Primary Sector: Involved in initial production processes, creating raw materials. Examples include agriculture, fishing, and forestry.
• Secondary Sector: Processes raw materials into finished goods. Examples include manufacturing industries.
• Tertiary Sector: Focuses on providing services rather than producing goods, like retail and hospitality.

Ownership and Management Perspectives

• Private Sector Enterprises: Owned and run by individuals, with the primary goal of profit. Types include sole proprietorships, partnerships, joint Hindu family businesses, cooperatives, and companies.
• Public Sector Enterprises: Owned, controlled, and operated by the government. Their primary goal is welfare, with a secondary goal of profit. Types include departmental undertakings, public corporations, and government companies.
• Joint Sector Enterprises: Partnerships between the private and public sectors, with equal resource generation.

Functions of a Business Enterprise

• Finance: Raising and managing money; uses internal (own investment) or external (family, banks, investors) sources. Careful management of funds is crucial to avoid failing to make sales.
• Operations: Use of raw materials to make goods or offer services that fulfill customer demands.
• Human Resources: Hiring and managing staff with the needed skills to produce or offer services.
• Marketing: Commercializing goods and services (pricing, strategies for customer engagement, and customer demand).

Enterprise Resource Planning (ERP)

• Integrated "Business Management Software" that automatically links business processes, giving real-time information to authorized users.
• Key characteristics include seamless information integration, supporting business goals, integrated, secure, and self-service processes, and empowering employees.
• Modules include financial management, marketing automation, procurement, manufacturing, inventory management, order management, warehouse management, project service resource management, customer relationship management, and supply chain management.
• ERP systems improved business processes reducing costs and increasing efficiency.

Manufacturing/Production Module (ERP)

• Production Planning: Optimizing resource utilization to plan production, utilizing Material Requirement Planning (MRP), based on sales forecasting. Feasibility of production depends on raw material availability, procurement time, and production capacity.
• Key sections: Resource & capacity planning, material planning, workflow management, quality control, bills of material, and manufacturing process.
• Production Order Execution: This process involves the creation of a production order (containing all pertinent details) , goods issue of components, confirmation production activity and goods receipt.

Finance/Accounting Module (ERP)

• Manage and track account entries; assess the impact on system. The module is meant to reflect the total flow of money (cash and bank) and total expenditures.
• Financial analysis, budgeting, reports, trial balance, trading, profit & loss account, balance sheet, balance of debtors and creditors, as well as cash and bank fund position are part of this module.

Inventory Module (ERP)

• Manages handling of receipts, transfers, returns, and issues of stock with a stock-take and adjustment functionality. Helps track patterns and profitability, and meets consumer demand without losing stock.

Sales Module (ERP)

• Implements order placement, scheduling, shipping, and invoicing using sales enquiry, quotation, and order processes.

Purchase Module (ERP)

• Streamlines procurement of raw materials by automating identification of suppliers, negotiating prices, awarding purchase orders, and billing processes.

CRM - Customer Relationship Management

• A model for managing company interactions with customers and future customers.
• It uses technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.
• The main purpose being to understand existing and potential customers, predict and manage their needs.
• Different types of CRM software, like operational CRM, analytical CRM, and collaborative CRM, fulfill different organizational needs.

Relationship Marketing

Involves developing and managing trusting, long-term relationships with key customers, using a sales database and account executives assigned to multiple customers. This approach aims to satisfy customer needs, leading to customer loyalty. The goal to create customer satisfaction and better value delivery systems.

Importance of CRM

• Identifies customer needs, re-focuses strategy to serve them better.
• Rediscovers customers and builds an understanding of them.
• Uncovers business potential while identifying supplier strengths and weaknesses.Provides feedback on total operation to suppliers, feedback on competitors, and sets action plans for customer-centric focus.

CRM Cycle

• Marketing: Approaching the target market to attract potential customers.
• Acquisition: Prospects become customers when they place an order.
• Relationship Management: Enhancing the value of existing customers.
• Loss/Churn: Identifying and managing eventual customer loss and implementing strategies for win-back.

Management Information Systems (MIS)

• Computer-based systems that collect, store, process, and disseminate information. It helps managers make better decisions, monitor the company's performance, and develop better plans and control activities.

Business Intelligence (BI)

• An enterprise-wide platform that supports reporting, analysis, and decision making for right information to right people.
• BI uses fact-based decision making. The main objective being achieving "single version of the truth".

Online Transaction Processing (OLTP)

• Is a type of database management system used for managing transaction-oriented workloads.
• Primary goal being quick, efficient processing of individual transactions.
• OLTP systems are a key component of most businesses and provide a real-time view of current business data.

Data Warehousing (OLAP)

• Used for complex analysis of large data volumes using a multidimensional data model and aggregation capabilities
• It allows for complex queries and quicker responses to analytical queries. OLAP stores data in Read-Only form.

types of OLAP

• ROLAP is used for complex calculations on very large datasets in the form of rows and columns using SQL queries.
• MOLAP supports data visualization and modeling through slice and dice operations.
• HOLAP is a combination of the two (ROLAP and MOLAP) to use in the most beneficial way.

CRISP-DM

• Cross Industry Standard Process for Data Mining is a popular methodology for businesses to use in handling their data to improve strategies. This methodology is considered to be agile and offers a minimal overhead to use.

KPIs - Key Performance Indicators

• A set of quantifiable measures used to monitor and assess performance.
• KPIs track specific business goals and objectives.
• KPIs are designed to empower employees with relevant information.
• KPIs can be quantitative (like numbers, percentages, and ratios) or qualitative (like feelings or opinions).

Shipping and Logistics KPIs

• Common KPIs include sales forecasts, inventory, procurement, warehousing, and transportation.

Infrastructure Sector KPIs

• Common KPIs include client satisfaction, construction time and cost, productivity and profitability.

Test your knowledge on the differences between OLTP and OLAP systems, the role of Enterprise Data Management in Business Intelligence, and the distinctions between ERP and CRM systems. This quiz covers essential concepts such as Key Performance Indicators and the various types of OLAP systems.