EFB312 Lecture Notes - Cash Register, Customer Retention, Fault Tolerance
Document Summary
Big data-a general term used to describe massive amount of data available to today"s managers. Big data are often unstructured and are too big and costly to easily work through use of conventional databases, but new tools are making these massive datasets available for analysis and insight. Business intelligence (bi) - a term combining aspects of reporting, data exploration and ad hoc queries, and sophisticated data modeling and analysis. Analytics a term describing the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions. The amount of data on corporate hard drives doubles every six months. In many organizations, available data is not exploited to advantage. Data is oftentimes considered a defensible source of competitive advantage; however, advantages based on capabilities and data that others can acquire will be short-lived. Data refers simply to raw facts and figures. The real goal is to turn data into information.
