Business Analytics Strategy

Pareto filtering

The Pareto principle (also known as the 80-20 rule) states that, for many events, 80% of the effects come from 20% of the causes.

This is a useful feature when a dimension, like customer, has a large number of categories and you want to identify the 20% of your clients who brings 80% of your sales. Filtering based on this principle automatically groups the categories that amount to less than 20% of a row or column total into ‘other’ category.
 

Big Data defined

Big data is an evolving term that describes any voluminous amount of structured, semi-structured and unstructured data that has the potential to be mined for information. Although big data doesn't refer to any specific quantity, the term is often used when speaking about petabytes and exabytes of data.
 

Analytic applications

Analytic Applications refer to business intelligence applications software, specially designed to measure and increase the performance of specific business operations (HR, procurement, finance, sales, marketing, ...) or industries. The applications use a collection of historical business data, in order to provide business users with predefined reports, analysis & KPIs that are the basis for understanding and optimizing different functions of their business.

Analysis

Analysis is the systematic process of separating or breaking down complex informational materials into smaller components in order to comprehend their relationships. It is a careful examination of facts and data to reveal the cause and effect, and other relationships in order to make conclusions that allow better decision-making and problem-solving.

Alert

Alerts and notifications refer to any automated signals or short messages that may be sent through a SMS, an email or an indicator in a dashboard or report. They are a call to action after a specific event has occurred. They are also used to assign tasks or inform the recipients about certain urgent issues. Alerts can be the result of the outcome of a report or specific queries.

Advanced analytics

Advanced analytics can be defined as analysis that makes use of mathematical and statistical algorithms. Data mining and BI reporting tools can be used to support advanced analytics. 
These advanced analytics can be classified in three groups; descriptive analytics (grouping and segmentation), predictive analytics (patterns and anomalies) and optimization analytics (outcome strategies).

Role-based security

A role-based security is a user-level security feature that allows you to restrict access to a certain feature in the system based on the user role.

In a reporting system, a role-based security layer will enable you to assign roles for each user by allowing or restricting them from performing certain tasks.
 

Ranking

Ranking is the process of positioning items such as individuals, groups or items on an ordinal scale in relation to others.

A ranking can be obtained by evaluating each item in the collection in such a way that any two items can then be compared to see which should come higher in the ranking. Obviously, two different objects can have the same ranking.
 

Radio frequency identification (RFID)

Transponder technology for the contactless recognition of objects. The heart of this technology is the so-called RFID tag, a small computer chip with a miniature antenna. 
It can be used on transport and goods packages as well as sales units and products. When the chip receives the radio signal from a reading device, it automatically transmits the stored data wirelessly. Transmission is based on radio frequencies. The tags are passive; they do not require any battery or maintenance.
 

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