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Information Systems

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Apr 3, 2024

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Uploaded by ProfessorLightning12950

1. What do you think are strategic benefits of BI system? One of the main strategic benefits of Business Intelligence systems is the strategic planning that it provides for corporations. Business Intelligence systems allow companies to have important insights on the company due to historical data, information on the ongoing trends of the industry and projections on the future of the business. With all this fundamental information in their hands, businesses are able to create a concrete plan based on what worked and what did not work in the past while analyzing the current and future situation of the market. On top of that, there is a major strategic benefit that presents itself when it comes to customer data. By analyzing the preferences, behaviours and needs of customers, businesses are able to find patterns that allow them to ensure customer satisfaction. As the products, services and marketing campaigns are adapted to the customers’ preferences, businesses will gain loyal and happy customers which inevitably leads to an increase in sales (Montano, 2023). 2. Enter www.visualmining.com and explore the relationship between visualization and business intelligence. What is a dashboard? Discuss how you think BI is related to dashboard? Dashboards enable users to visualize data in a compact and easily grasped outline. Dashboards present Key Performance Indicators (KPIs) and metrics on information that is directly correlated to the business objectives. The context-sensitive Key Performance Indicators allow the users to have detailed information on the data that is presented on the charts and tables. The purpose of dashboards is to allow users to have a fast understanding of the current situation based on the data selected by the user. Dashboards are highly related to Business Intelligence as it is one of the tools that allow Business Intelligence systems to analyze and present the data for further enhanced decision- making. Dashboards allow businesses to have real-time monitoring of the data as the users can add new data with ease. The data is presented in a simple and clear matter and it is easily comparative which enhances decision support. 3. Access http://www.softwareadvice.com/ca/bi/ and check few of the software and choose the one you like then indicate as to why you like it. The software that I like is BullseyeEngagement Business Intelligence Dashboards primarily due to its clear and concise interface. Dashboards are a tool that help facilitate the understanding of data and therefore an interface that is clear and easy to use should also be mandatory. Bullseye allows the input from Excel files which is a program that I use frequently. The software allows the users to dig into the visual data in order to understand the profound particulars of the analysis. One of the crucial factors of business is comparative advantage and Bullseye software allows the users to benchmark their data in order to understand their position in the industry.

4. Visit www.mapinfo.com and discuss some of the important capability this tool has. What is location intelligence? MapInfo is a geographic information system (GIS) which allows to analyze and visualize location data. The geographic information system demonstrates relationships, patterns and trends. This tools allows the user to have a profound understanding of a targeted location. On top of that it can simulate different scenarios in order to understand the various location possibilities. Location Intelligence (LI) is the process of gaining insights based on data from specific locations. This methodology allows the users to analyze, compare and predict results based on multiple dynamic data stacks. The process benefits various aspects of business since it can enhance marketing campaigns, and transportation and provide important insights into mergers and acquisition decisions. Locations intelligence uses geographic data, internal data and open data to conduct its analysis and provide results (Carto,2023). 5. Visit www.fico.com and find products for fraud detection and risk analysis. What capability does it have? What is predictive analytics? Fico’s Falcon Fraud Manager allows businesses to spot fraudulent activities and put an end to it. The product oversees the whole process of transactions and detects suspicious activity. The service is provided for credit cards, debit cards, prepaid cards, commercial cards, digital payments, account-to-account and wire transfers. The users are allowed to enter their personalized requirements which allows the app to be used in different sectors. Fico’s Score X Data product allows lenders to conduct a risk analysis on their customers. The product provides the lender with more data on the customer since it takes into consideration local credit bureau data, telco, mobile payments and digital footprints. The analysis concludes in a risk score which defines the status of the customer. Predictive analytics uses historical data, statistical data and algorithms in order to provide forecasts about outcomes and performances. Historical data is used to define if old patterns have a high or low probability of reoccurring. The predictions are made using artificial intelligence, data mining and machine learning. There are various techniques involved like decision trees, regressions and cluster models. Overall, it helps prevent risk and allows an increase in performance (Halton, 2023). References

Carto, (2023). What is location intelligence? Definition from Carto. Carto https://carto.com/location-intelligence Halton, C. (2023, January 30). Predictive Analytics: Definition, Model Types, and Uses. Investopedia . https://www.investopedia.com/terms/p/predictive-analytics.asp Montano, D. (2023, August 17). What are the benefits of Business Intelligence? (BI). Waverly . https://waverleysoftware.com/blog/benefits-of-business-intelligence/

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