Decision support and business intelligence

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decision support and business intelligence

Decision Support and Business Intelligence Systems by Efraim Turban

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Published 15.12.2018

Introduction to Decision Support Systems

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Efraim Turban

Decision Support Systems for Business Intelligence, 2nd Edition

A concept that has recently been drawing the attention of business leaders is business intelligence. The doctor, in turn, may ask for clinical exams which will provide even more information. This is what business intelligence has to offer your company: a precise diagnosis. All of this is possible with Business Intelligence. The language of entrepreneurship is written in numbers, and the most important thing is to understand them. Automating this task means that precise reports are always in the hands of business leaders, helping them make changes with a minimum chance of making a mistake. Systems such as Business Intelligence can help different aspects in a company.

By utilizing a fact-based, real-time, singular version of the truth, companies are now empowered to achieve and maintain a competitive edge through the use of industry specific data analytics. Executives have immediate access to crucial information on core business processes such as industry trends, customer behavior, productivity, inventory, and detailed financial analysis. Leveraging customer buying habits permits a company to decide the best course of action to retain valuable customers and take advantage of missed sales opportunities. By drilling down to such comprehensive insights, a company can quickly decide which link-sell opportunities to increase or which products are best for cross selling. By identifying customers in decline, a business can determine the best plan to reposition the product before they stop buying altogether. Sales managers are able to identify the best type of customers, where to find them, and determine the most effective acquisition and conversion strategies. By identifying bottom-buyers, a company may make decisions around the best promotional strategies or whether to let those customers go.

In the new business era, large volume of business information is created by every organizational operation. ICAP Group with 1. Our unique and innovative solutions differentiate our customers and provide them a competitive advantage. ICAP Business intelligence capability is a discipline made up of several related activities, including data mining, online analytical processing, querying and reporting combined with consulting services. Decision Support Tools are critical part of the BI technology. They are computer-based applications that serve the solving process of a wide variety of decision making problems by offering great data interaction, modelling and analysis.

What is business intelligence? What are its benefits and how does business intelligence help in decision making? Well, this article will answer your questions in detail.
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Data is a valuable source to produce information and knowledge that can be used for decision making in a particular domain of interest. Addressing these challenges requires capabilities to deal with massive and heterogenous data management. Demand for data scientists will be high in the coming decade: data science has key applications for private individuals information search, education, culture, social media , in science e-science in the social sector healthcare, education, e-government and in the business world industrial production, advertising, trade. The success and relevance of these applications depend on the development of innovative methods that are able to process heterogeneous, distributed and very large datasets big data. Career opportunities for students in this field include executive IT positions in industry or the services sector, or data management research and development positions in universities or public and private research organizations, or in major groups and startups.

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