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Questions and Answers
What does business intelligence (BI) encompass?
What does business intelligence (BI) encompass?
- Strategies for increasing sales and customer interactions
- Processes for internal transaction systems
- Strategies, technologies, and processes for transforming data into useful information (correct)
- Technologies for social media management
What are common data sources for business intelligence?
What are common data sources for business intelligence?
- Financial statements, employee performance records, and industry publications
- Competitor activity, industry regulations, and customer testimonials
- Internal employee data, customer feedback, and market research reports
- Transaction systems, external data sources, and social media (correct)
What type of information do external data sources provide for business intelligence?
What type of information do external data sources provide for business intelligence?
- Information about internal employee performance and customer satisfaction
- Information about industry regulations and financial statements
- Information about social media engagement and brand perception
- Information about the business's external environment, such as market trends and competitor activity (correct)
What kind of information can be obtained from social media platforms for business intelligence?
What kind of information can be obtained from social media platforms for business intelligence?
What is the primary purpose of the BI framework's data collection and storage component?
What is the primary purpose of the BI framework's data collection and storage component?
What is the purpose of data collection and storage in the BI framework?
What is the purpose of data collection and storage in the BI framework?
Which of the following is a common data source for business intelligence?
Which of the following is a common data source for business intelligence?
What type of information do external data sources provide for business intelligence?
What type of information do external data sources provide for business intelligence?
What does the BI framework encompass?
What does the BI framework encompass?
What kind of information can be obtained from social media platforms for business intelligence?
What kind of information can be obtained from social media platforms for business intelligence?
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Study Notes
Business Intelligence Overview
- Business intelligence (BI) encompasses tools, systems, and processes that analyze data to help organizations make informed business decisions.
- BI involves data collection, storage, analysis, and visualization to generate actionable insights.
Common Data Sources for Business Intelligence
- Internal data sources include operational databases, transaction records, and customer relationship management (CRM) systems.
- External data sources include market research, competitor analysis, industry reports, and social media platforms.
- Government databases and economic reports also serve as valuable external data sources.
Information from External Data Sources
- External data sources provide market trends, competitive intelligence, regulatory changes, and consumer behavior insights.
- These sources help organizations understand their competitive landscape and identify emerging opportunities or threats.
Information from Social Media Platforms
- Social media platforms provide insights into customer sentiment, brand perception, and engagement levels.
- They offer demographic data, consumer preferences, and trends in public opinion that can inform marketing and product development strategies.
Purpose of BI Framework's Data Collection and Storage
- The primary purpose of the data collection and storage component in the BI framework is to gather and organize large volumes of data for analysis.
- It ensures data integrity, accessibility, and security, forming the foundation for effective decision-making.
Additional Insights on BI Framework
- The BI framework encompasses data processing, analytics, reporting, and visualization to create a comprehensive picture of business performance.
- It typically includes monitoring tools that track key performance indicators (KPIs) and other metrics crucial for business success.
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