Business analytics

About: Business analytics is a research topic. Over the lifetime, 3593 publications have been published within this topic receiving 84601 citations. The topic is also known as: Business Analytics & business analytics.

Expanding Business Intelligence Power with System Dynamics

Abstract: This chapter explores the opportunities to expand the forecasting and business understanding capabilities of Business Intelligence (BI) tools with the support of the system dynamics approach. System dynamics tools can enhance the insights provided by BI applications — specifically by using data-mining techniques, through simulation and modeling of real world under a “systems thinking” approach, improving forecasts, and contributing to a better understanding of the business dynamics of any organization. Since there is not enough diffusion and understanding in the business world about system dynamics concepts and advantages, this chapter is intended to motivate further research and the development of better and more powerful applications for BI. This chapter appears in the book, Business Intelligence in the Digital Economy, edited by Mahesh S. Raisinghani. Copyright © 2004, Idea Group Inc. Copying or distributing in print or electronic forms without written permission of Idea Group Inc. is prohibited. 701 E. Chocolate Avenue, Suite 200, Hershey PA 17033-1240, USA Tel: 717/533-8845; Fax 717/533-8661; URL-http://www.idea-group.com IDEA GROUP PUBLISHING Expanding Business Intelligence Power with System Dynamics 127 Copyright © 2004, Idea Group Inc. Copying or distributing in print or electronic forms without written permission of Idea Group Inc. is prohibited. INTRODUCTION Currently, Business Intelligence (BI) tools make it possible to analyze big amounts of data to get important conclusions about business processes, customer behavior, etc. The main concern is that such conclusions are presented as data correlations following a “straight-line thinking” paradigm (i.e., an outcome is expressed as a function of one or more independent variables); however, many real-world experiences show that this assumption is not always valid. This chapter explores the opportunities to expand the forecasting and business understanding capabilities of BI tools with the support of the system dynamics approach. System dynamics tools can enhance the insights provided by BI applications — specifically by using data-mining techniques — through simulation and modeling of real world under a “systems thinking” approach, improving forecasts, and contributing to a better understanding of the business dynamics of any organization. BACKGROUND Business Intelligence (BI) is a term that has been defined from several perspectives, though all share the same focus. For example, Brackett (1999) defines BI as “a set of concepts, methods, and processes to improve business decisions using information from multiple sources and applying experience and assumptions to develop an accurate understanding of business dynamics.” From a management perspective, BI involves a proactive process of information analysis focused on strategic decision making, and actually it is a critical discipline to gain business insight, as Brackett (1999) also mentions: Business Intelligence involves the integration of core information with relevant contextual information to detect significant events and illuminate cloudy issues. It includes the ability to monitor business trends, to evolve and adapt quickly as situations change and to make intelligent business decisions on uncertain judgments and contradictory information. It relies on exploration and analysis of unrelated information to provide relevant insights, identify trends and discover opportunities. As a discipline to empower a “forward-thinking” view of the world, one of the most valuable concepts within BI is the “knowledge discovery in 13 more pages are available in the full version of this document, which may be purchased using the "Add to Cart" button on the publisher's webpage: www.igi-global.com/chapter/expanding-business-intelligencepower-system/6069

Evolution of Business Models: Past and Present Trends☆

Abstract: The article deals with the formation and development of the concept of business models. Is discussed the formation of the definitions, history of the tools business modeling development. Directions of using business models based on the needs of management at different stages of development of the company are shown. The evolution of business models is revealed. The results of research, conducted by the authors, are directed to identifying new trends in creation the business models of modern Russian and foreign companies, is presented. The attempt to predict future trends in this direction is made.

Designing Business Analytics Solutions

Abstract: The design and development of data analytics systems, as a new type of information systems, has proven to be complicated and challenging. Model based approaches from information systems engineering can potentially provide methods, techniques, and tools for facilitating and supporting such processes. The contribution of this paper is twofold. Firstly, it introduces a conceptual modeling framework for the design and development of advanced analytics systems. It illustrates the framework through a case and provides a sample methodological approach for using the framework. The paper demonstrates potential benefits of the framework for requirements elicitation, clarification, and design of analytical solutions. Secondly, the paper presents some observations and lessons learned from an application of the framework by an experienced practitioner not involved in the original development of the framework. The findings were then used to develop a set of guidelines for enhancing the understandability and effective usage of the framework.