Information Systems (4) Flashcards
What is predictive analysis?
A branch of data analytics that uses a variety of statistical techniques to analyse data and make predictions
What is data mining?
Involves use of data mining software to look for hidden patterns and relationships in large pools of data
What is an algorithm?
A set of instructions or rules used to solve a problem
What is a machine learning?
A subset of AI where a system learns automatically how to predict outcomes based on data
What features does ML have to aid business predictions?
Data capture
Storage and analytical capabilities
Benefits of big data analytics?
Better understanding of customer behaviour
Targeted marketing messages
Decision-making
New products and services
Performance measurement
Costing
What is meant by better understanding of customer behaviour?
identifying what customers are saying on social media about an organisation’s products
What is meant by targeted marketing messages?
Facilitate targeted promotions and advertising
What is meant by decision-making?
Trends identified by retailer in-store and online sales, can be used to manage inventories
What is meant by new products and services?
Big data can provide new business opportunities in their own right
What is meant by performance measurement?
Big data can provide more detailed and up-to-date information for performance measurement
What is meant by costing?
Big data can be used to provide insights into costs. How trends and forecasts can help with costing
Trait of a data-enabled finance professional (fundamental)
Understands the fundamental drivers and metrics of the business
Trait of a data-enabled finance professional (customers care)
Has a clear sense of what customers care about, and how to track this
Trait of a data-enabled finance professional (unconvential)
Ebrances new, unconvential sources of data
