Week 8 - Business Intelligence and Big Data

Question 1

What is BUSINESS INTELLIGENCE?

Answer 1

• BI - the Process of Collecting, Cleansing, Combining, Consolidating, Analysing, Interpreting and Communicating Internal and Available External Data, Relevant For the Decision Making Proces in the Organisation
• Umbrella Term for a Series of Sub-Processes or Techqniues Emerging Since the 90s that Help Businesses Turn their Data into Actionable Insights

Question 2

Why the Interest in BI?- Explain Availability of Data

Answer 2

• Amount of Digital Data Growing Exponentially

What’s Feeding the Massive DATA Increase :
- Digital Channel data, Content by Smart, Connected Devices cf. the Internet of Things), real time Sensor Readings, Supply Chain Technologies such as RFID
- Other Data is Avaliable Through “Open Data” Initiatives (e.g. public services making data freely available) , Google Maps, Real-Time Data Feeds (e.g. stock exchanges)

Question 3

Explain Business Trends Driving Interest in Business Intelligence (5)

Answer 3

• Implementation of Corporate Performance Management Systems
• Compliance with New Regulatory Framework
• Importance of Customer Relatinship Management (CRM) and one-to-one Marketing
• Trends such as Market Globalisation, Company Mergers, etc.
• Digital Business, Digital Marketing, Social Media, etc

Question 4

Explain the Concept of Corporate Performance Management (CPM)

Answer 4

• a Set of Management of Management Processes, Often Supported by Technology that Involve Measuring and Monitoring Performance in Support of Better Strategic Decision Making
• e.g. balance scorecard

Question 5

Corporate Performance Management - Explain the BALANCED SCORECARD APPROACH

Answer 5

• Balance Scorecard Approach to Performance Measurement that Combines Traditional Financial Measures with Non-Financial Measures

Question 6

Explain what Regulatory Compliance is

Answer 6

• In some sectors, Another Trigger for the Adoption of BI May be Regulatory Compliance
• e.g. Frameworks or Directives
• all again have Involed Substantial Investments in Supporting (often BI) technologies :
  to collect the data
  for reporting or to produce the analyses required

Question 7

What is CUSTOMER RELATIONSHIP MANAGEMENT and the 2 Types of CRM

Answer 7

CRM Systems Designed to Help Firms Manage Customer Interactions and Maximse the Customer Lifetime Value For the Firm
- Operational CRM
- Analytical CRM

Question 8

Explain the Type of Customer Relationship Management - OPERATIONAL CRM

Answer 8

• Systems Supporting Customer-facing Process (e.g. sales lead management, call centre & customer service support etc)

Question 9

Explain the Type of Customer Relationship Management - ANALYTICAL CRM

Answer 9

Analysis of Customer Data to Provide Insights or Models to Optimise Aspects of Our Customer Relationships (e.g. which Customer Segments to Target with Retention Campaign. Cross-selling opportunities etc)