BI, AA, DS or AI - ring any bells?

Let’s get to know them better.

The Overview
Welcome to a series of newsletters and webinars that we will be delivering during this year! All of them are based on Business Intelligence, Advanced Analytics, Data Science or Artificial Intelligence. We will be talking about how analytics is changing the landscape of some industries and share interesting use cases around the world.
To take a quick glance on how analytics are changing the world – did you know that basketball teams are changing their strategy based on analytics? They say the two-pointers are getting less and less valuable.

The need
The business environment is changing, and it is becoming more and more complex. Organizations, both private and public, are under pressure that forced them to respond quickly to changing conditions and to be innovative in the way they run. Such activities require organisations to be agile and to make frequent and quicker strategic, tactical, and operational decisions.
Making such decisions may require considerable amounts of relevant data, information, and knowledge. The key part on this decision is the importance of having the correct data with the correct context so decisions are informed and precise.

The concept
Business intelligence (BI) is an umbrella term that combines architectures, tools, databases, analytical tools, applications, and methodologies. BI’s major goal is to enable interactive access (sometimes in real time) to data, to enable manipulation of data, and give to managers and analysts the ability to conduct proper analysis.
On the upcoming articles we will dive deeper on the different concepts related to Business Intelligence and Analytics.

To describe or to prescribe

the analytics landscape.

Now we know the reason for these newsletters – DATA. So now we dive deeper on the intricacies about analytics and more specific terms and the place to start is Analytics. This word has replaced the components of computerized decision support that have been available under various labels in the past. And although analytics has replaced BI, the broader and more precise definition is the combination of:

  • Computerized technology.
  • Management science technology.
  • Statistics.

These concepts work together to solve genuine business problems, but what if we need to be more specific to know which sub-concept of analytics solve each type of use case. For a clear view of the three big categories of business analytics let us look at this diagram.

With this landscape of Business Analytics, we can broadly define which type of project we need and what do we expect out of it.

Do we now better about the general terms of business intelligence and business analytics? We will be giving you more information on the upcoming newsletter. The next one – when does Artificial Intelligence come to play?

What is Artificial Intelligence,

and should I fear it?

Artificial Intelligence is a very smart robot that can “think” for itself. We’ve all heard of at least one robot movie where the robots are out to destroy the Earth.

Well, that is one form of artificial intelligence. It is made to try to mimic what humans would do, think, or say and it is all on its own. It could learn very rapidly and form these “thoughts,” but at the same time, this rapid learning is also its flaw. This allows it to easily be “fed” inaccurate information quickly, which would provide worthless output.

Personalized medicine, or more effective treatment based on individual health data paired with predictive analytics, is a hot research area and closely related to better disease assessment. The domain is presently ruled by supervised learning, which allows physicians to select from more limited sets of diagnoses, for example, or estimate patient risk based on symptoms and genetic information.

So, before you get freaked out about artificial intelligence, remember, it is already working and helping consumers and businesses every day. It is not just robots out to take over the world.

AI is capable of vastly more than almost anyone knows, and the rate of improvement is exponential.” – Elon Musk

Artificial Intelligence is fed massive amounts of data to analyze. This helps businesses know many things about their clients, the demand and supply chain and so much more.

See you at the 1st webinar entitled: