Glossary Of Terms In Business Analytics And Business Int

It 210 Glossary Of Terms Business Analytics And Business Intelligence

It 210 Glossary Of Terms Business Analytics And Business Intelligence

IT 210 Glossary of Terms - Business analytics and business intelligence solutions refer to methodologies, applications, technologies, and processes used to analyze data in order to support informed business decision-making. Cloud computing describes the ability to remotely access a network of computers and the software they host, enabling data sharing and collaboration without the need for physical proximity. E-business and e-commerce involve utilizing the internet to deliver information, services, and products, transforming traditional commercial activities into digital formats. Intelligent systems are information systems capable of making decisions autonomously, often employing artificial intelligence and machine learning techniques. Knowledge management systems utilize various technologies to capture, store, organize, and disseminate both internal and external knowledge within an organization, facilitating knowledge sharing and strategic advantage.

Mobile computing and mobile commerce refer to the ability to transmit and access data from any location, supporting business operations in a wireless environment and enabling commerce via mobile devices. Social computing involves leveraging social media networks for conducting business activities, engaging with customers, and fostering online communities. These technological terms and concepts collectively underpin modern digital business strategies, enhancing efficiency, customer engagement, and competitive positioning in an increasingly connected world.

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In the contemporary digital landscape, understanding the terminology related to business analytics and business intelligence is essential for professionals aiming to leverage data-driven decision-making processes effectively. These terms encapsulate a broad spectrum of technologies and methodologies that have revolutionized traditional business practices by integrating advanced digital solutions, thereby enabling organizations to operate more efficiently and competitively.

Business Analytics and Business Intelligence Solutions are fundamental to the modern data ecosystem. These encompass a variety of applications, technologies, and processes designed to analyze organizational data to facilitate strategic decisions. Business intelligence (BI) primarily focuses on descriptive analytics, which involves scrutinizing historical data to identify trends, patterns, and insights. Conversely, business analytics extends into predictive and prescriptive analytics, employing statistical models, machine learning, and artificial intelligence to forecast future scenarios and recommend optimal actions (Chaudhuri, Dayal, & Narasayya, 2011). Organizations deploy BI tools such as dashboards, reporting systems, and data visualization platforms to provide managers with real-time insights into various operational metrics.

Cloud Computing has emerged as a transformative technology that enables remote access to computing resources and software applications over the internet (Armbrust et al., 2010). This approach eliminates the need for organizations to maintain on-premise infrastructure, providing scalable and cost-effective solutions. Cloud services support collaborative environments where data can be shared seamlessly among geographically dispersed teams, fostering agility and innovation. Moreover, cloud computing facilitates applications like big data analytics, machine learning, and enterprise resource planning (ERP), which are integral to business intelligence strategies (Fitzgerald, 2016).

E-business and E-commerce have revolutionized the way businesses operate by leveraging the internet to deliver products, services, and information. E-commerce refers specifically to online buying and selling activities, encompassing retail transactions, B2B exchanges, and online marketplaces (Laudon & Traver, 2021). E-business extends this concept by incorporating digital processes across all business functions, including internal operations like supply chain management, customer relationship management, and electronic data interchange. The digital transformation provided by e-commerce and e-business has led to increased reach, reduced operational costs, and enhanced customer experiences (Turban et al., 2020).

Intelligent Systems represent advanced information systems capable of making decisions autonomously. These systems employ machine learning, artificial intelligence, and expert systems to analyze data, recognize patterns, and execute tasks without human intervention (Russell & Norvig, 2020). Applications include autonomous vehicles, intelligent virtual assistants, fraud detection systems, and automated customer service solutions. Such systems enhance organizational efficiency by providing rapid, accurate decision-making support and enabling proactive responses to complex problems.

Knowledge Management Systems (KMS) utilize technology to facilitate the capture, organization, and dissemination of internal and external knowledge resources (Alavi & Leidner, 2001). Implemented through databases, document management systems, and collaboration platforms, KMS aim to improve organizational learning, innovation, and strategic positioning. Effective knowledge management ensures that critical insights are available when needed, fostering continuous improvement and competitive advantage.

Mobile Computing and Mobile Commerce support the ability to transmit and access data from remote locations via mobile devices, such as smartphones and tablets. Mobile computing enhances flexibility and responsiveness across business operations, allowing employees and customers to engage in activities anytime and anywhere (Hwang & Wang, 2015). Mobile commerce (m-commerce) extends this capability into commercial transactions, enabling mobile payments, banking, and retail shopping, thereby transforming traditional business models into more accessible and convenient formats.

Lastly, Social Computing involves leveraging social media platforms and networks for business purposes. Organizations utilize social computing for marketing, customer engagement, brand management, and knowledge sharing (Kavanaugh et al., 2012). Social media provides a dynamic environment for direct communications with customers, gathering feedback, and building online communities, which are crucial for developing customer loyalty and gaining competitive insights.

The integration of these technological terms into business strategy underscores the shift towards a highly interconnected, data-driven, and customer-centric approach. As digital transformation continues to accelerate, familiarity with these concepts becomes imperative for organizations seeking to survive and thrive in a rapidly evolving market environment.

References

  • Alavi, M., & Leidner, D. E. (2001). Knowledge management and knowledge management systems: Conceptual foundations and research issues. MIS Quarterly, 25(1), 107-136.
  • Armbrust, M., Fox, A., Griffith, R., Joseph, A. D., Katz, R., Konwinski, A., ... & Zaharia, M. (2010). A view of cloud computing. Communications of the ACM, 53(4), 50-58.
  • Chaudhuri, S., Dayal, U., & Narasayya, V. (2011). An overview of business intelligence technology. Communications of the ACM, 54(8), 88-98.
  • Fitzgerald, M. (2016). The impact of cloud computing on business. IT Professional, 18(6), 64-69.
  • Kavanaugh, A., Fox, S., Dawson, J., & Wang, H. (2012). Social media use by government agencies: A multi-case study. Government Information Quarterly, 29(1), 16-23.
  • Laudon, K. C., & Traver, C. G. (2021). E-commerce 2021: Business, technology, society. Pearson.
  • Russell, S., & Norvig, P. (2020). Artificial intelligence: A modern approach. Pearson.
  • Turban, E., Outland, J., King, D., Lee, J. K., Liang, T. P., & Turban, D. C. (2020). Electronic commerce 2020: A managerial perspective. Springer.
  • Hwang, W. J., & Wang, P. (2015). Mobile commerce: Opportunities, challenges, and future research directions. Journal of Systems and Software, 102, 51-60.

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