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Data exploded and became big. Spreadsheets finally took a backseat to actionable and insightful data visualizations and interactive business dashboards. The rise of self-service analytics democratized the data product chain. Suddenly advanced analytics wasn’t just for the analysts.
Decision support systems definition A decision support system (DSS) is an interactive information system that analyzes large volumes of data for informing business decisions. Decision support systems are generally recognized as one element of business intelligence systems, along with data warehousing and datamining.
A business intelligence strategy is a blueprint that enables businesses to measure their performance, find competitive advantages, and use datamining and statistics to steer the business towards success. . Every company has been generating data for a while now. This is where the term citizen data scientist comes into play.
Predictive Analytics assesses the probability of a specific occurrence in the future, such as early warning systems, fraud detection, preventative maintenance applications, and forecasting. PrescriptiveAnalytics provides precise recommendations to respond to the query, “What should I do if ‘x’ occurs?”
Supplier metadata: Important for data acquired from external sources, it includes details about those sources, and subscription or licensing constraints. Source: Introduction to Data Catalogs by Dave Wells. Finally, data catalogs leverage behavioral metadata to glean insights into how humans interact with data.
This is in contrast to traditional BI, which extracts insight from data outside of the app. All of the above points to embedded analytics being not just the trendy route but the essential one. Users Want to Help Themselves Datamining is no longer confined to the research department. Standalone is a thing of the past.
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