Weekly questions to consider when creating your posts. These questions are a jumping off point to asking your own questions, pose new ideas, and provide explanations and examples backed by careful analysis. Apply class concepts, terms, and theories too. Refer to Assignment 12 for additional details.
- What are descriptive and predictive analytics?
- What separates data from big data?
- Why do companies use big data?
- What is business intelligence, and how does it help companies?
- What are the differences between OLTP vs. OLAP, and what are some examples of each?
- What are the types of data?
- What are the sources of data?
- What is supply chain management and how does it affect businesses?
- Why are supply chains fragile?
- What is RFID, and how does it help supply chain management?
Jinzhou Situ says
Descriptive analytics refers to things that have already happened, and predictive analytics refers to things that may happen in the future. Data is managed based on a centralized data architecture, while big data is managed using a distributed architecture. Large companies use big data to make decisions that are more beneficial to the company, including improving the operating environment and providing better service quality. Business intelligence refers to a technology used by the company to manage and analyze business data, similar to a cloud computing service of the company, which can help the company make some of the best business suggestions. OLTP is mainly responsible for some basic transaction processing, such as bank transactions. OLAP is mainly responsible for some complex data analysis to provide valuable business advice, such as Microsoft’s Power Bl. There are four types of data, namely Nominal, Ordinal, Discrete, and Continuous. Source of data refers to the source of data, which is divided into internal and external. The data collected internally is generally called primary data, while the data obtained from external sources is generally called secondary data. Supply chain management refers to the use of modern information technology to centralize all the processes of products from raw materials to sales in seamless process management. It can determine the relationship between the degree of business audience and cost. The reason supply chains are fragile is generally that the management of the enterprise does not consider enough factors when making decisions. This is a defect in transaction management. The full name of RFID is Radio-frequency identification, which is a wireless communication technology that spells related data through radio signals. This technology gives companies the ability to track the workflow of the supply chain, providing critical data for many necessary links in the supply chain.
Montajim Khan says
Hi Jinzhou, during my research, I learned that while RFID helps with the workflow of the supply chain but also it’s very inexpensive to make it long-lasting. I was a bit surprised when I read the part about the supply chain being fragile, the reason the company does not put enough consideration when making decisions. Without it, I believe there wouldn’t a business. I learned a lot from your post.
Cassidy Mantle says
Hi Jinzhou,
I enjoyed reading your response. It is interesting to see how companies incorporate big data and the systems they use to manage their data. After reviewing the different types of data and what they are used for, I now have a better understanding of data analysis and how companies incorporate data analysis while also using different tools to help minimize their data distribution from multiple locations.
Montajim Khan says
Two analytics are descriptive and predictive. Descriptive use two methods “data aggregation and data mining.” See patterns and trends of what’s happening to the company will help us understand what needs to be done. Google Analytics is a great example and tool to help run a company. It tells you how much traffic, such as the number of sessions, number of pages visited, bounce rate, and many more data that helps the company to grow the more data, the more the company can improve. Predictive analytics is based on probabilities to see what can happen in the future of the company. It uses data mining but also statistics, and “machine learning.” Pretty much see a pattern and makes an “attempt to fill in the missing data with the best possible guesses.”I think data is very small within the company, and big data is a large collection of data, probably outside the company. Companies use big data because it helps them understand what needs to be done on a larger than a smaller scale. Business Intelligence uses software and services to help a business learn of any trend, understand the trend, and “what is likely to occur in the future.” RFID, short for radio frequency identification, helps enable objects to be identified with a special “RF identification tag.” This helps the supply chain because RFID improves equipment, inventory, and asset management. With RFID technology it helps processes go by faster. Also, RFID is very cost-effective, which will help in savings.
Website:
Descriptive and Predictive analytics:
https://online.bath.ac.uk/content/descriptive-predictive-and-prescriptive-three-types-business-analytics#:~:text=There%20are%20three%20types%20of,should%20happen%20in%20the%20future.
Business Intelligence:
https://www.grow.com/blog/what-is-business-intelligence#:~:text=Business%20intelligence%20is%20the%20strategies,to%20occur%20in%20the%20future.
Cassidy Mantle says
Hi Montajim,
I enjoyed reading your post and actually wrote a similar description to yours on analytical data. It is interesting to see how data ties into many aspects of this world including supply chain management which is crucial for businesses and organizations that partake in the execution of goods and services. Many larger organizations and businesses take on the analytical advantages of using online softwares to manage their data and analysis.
Justin Bonfiglio says
Het Montajim,
I really liked reading through your post. I especially liked right at the beginning when you explained the different analytics. I wrote out my own response and didn’t even realize that descriptive analytics was data aggregation and data mining. I have heard of these before but I never really knew how or what they were use for. I also love how you talked about the Google analytics that we used in this class as an example. One last thing I wanted to ask though was how is RFID cost-effective? I feel like having to set up the initial tracking system would cost a lot.
Jinzhou Situ says
Hi Montajim,
I think your description of RFID is very detailed, through your post, I learned a lot about RFID, especially some of its features that are helpful for business operations. Enterprise operations generally pay more attention to cost and efficiency, and these RFIDs can be taken into account. The development of new technology is to inject fresh blood into the enterprise, so as to help the development of enterprise.
Isel Sainte says
Descriptive analytics is based on what has happened and trying to figure out why. Predictive analytics is trying to understand what might happen. Data is per hour or per day or longer=small amount of data. Big Data is per seconds=big amount of data. Companies use big data to identify customers’ preferences to improve the shopping experience. Business intelligence (BI) is a strategy used to review the data and turn it into a business plan to improve. This helps companies improve customer experience and make decisions based on the data. The difference between Online Transaction Processing (OLTP) and Online Analytical Processing (OLAP) is the amount of data analyzed in a transaction. OLTP is used in retail to store data in real-time and OLAP stores a summary of data. Supply Chain Management (SCM) is how a company handles the flow of goods. It affects business because if it is done correctly, it will improve trust and collaboration between customers and the company. It will also improve inventory visibility and velocity. Customers will share the food purchased and it will cause the company to sell more of the good.
Sheree Owens says
Hey Isel! I think you did a great job explaining Data vs Big Data. I think most large companies like Amazon think it is important to take in big data and learn more about their customer base. The end goal is to create a fan of the services and products they offer. Returning customers making repeated purchases gives Amazon more information to work to improve their shopping experience.
Justin Bonfiglio says
3b.
There are different forms analytics, including descriptive and predictive. Descriptive analytics tells us about or describes something that has happened like a previous meeting with a customer while predictive analytics tells us or predicts what could happen like in a future meeting planned with a customer. When using these forms of analytics, we use and save normal data within databases that anyone can manage and use. In other levels of business there is much larger forms of data known as big data which is not able to be processed individually on a product like excel, but rather companies or individuals need larger processing units to be able to store and read through all the data for you. One individual would never be able to handle big data alone, but some computers can and will save users information and record everything that is done on a website for you into a giant system. This type of data is usually only seen for big companies like Amazon and mostly all online for websites or systems with a lot of users. When all of this big data is collected companies use BI (Business Intelligence) to analyze the data given and break it down into different forms for companies to use to make business decisions.
OLTP (Online Transactional Processing) is mostly consistent of the process of online transactions like bank transaction or paying in some form through online means, while OLAP (Online Analytical Processing) is mostly consistent of analyzing complex data for a business and is closely related to BI in many ways with one example being data from a warehouse. Within this data there are different forms to it being Qualitative data such as Nominal or Ordinal, and Quantitative data being Discrete or Continuous. Qualitative data is based on interpretation, descriptions, and relates to language, while Quantitative is based on number and can be counted or measured. These forms of data can be found in two different ways, being through internal or external sources. Internal sources are generated from your own company like sales reports and information, while external sources are found outside of the company like through social media, the government, or through google.
SCM (Supply Chain Management) is the management of the flow of goods, data, and finances related to a certain good. SCMs take care of the raw materials all the way up to the final products being delivered within a company. This chain can be so fragile at times, because to much product means money lost. To little product made means unhappy or lost customers. One little issue like not having enough of or not being able to get a certain piece of the puzzle could completely shut down a businesses entire flow of goods. An often-used systems for supply chain managers would be RFID (Radio-Frequency Identification). RFID used electromagnetic fields to allow something to be automatically identified and possibly even tracked, with some example being amusement park wristbands or pet tracking chips. Having a system like this set up to track inventory could be crucial for SCM because it will be able to tell you where needed goods are at and possibly when you can expect them to show up. These can also be used to tell if there was anything lost in shipping if it was to you or to a customer to guarantee good customer satisfaction and that they actually had their product delivered.
Nicholas DiGiuseppe says
Hi Justin,
Your post is very excellent and I agree with you about Supply Chain Management being absolutely critical in the business world. It is very important to prevent having too little product/unhappy customers. It definitely reminds me of Operations Management class where we have to determine/calculate the precise number of units in order to satisfy customers and at the same time, save as much money as we possibly can.
Madeline Elia says
RFID stands for radio frequency identification. This type of technology is commonly seen on debit/credit cards, and even on Septa key cards. It’s what allows you to tap and pay instead of swiping or inserting the card into the machine. This isn’t the only application for RFID technology though. It’s very useful in the world of supply chain management. A shipping label with an RFID tag has a lot more information than a barcode and can be programmed. In the warehouse, a reader is able to scan the tags from different distances. Passive tags are cheap for the business, but can only be scanned from a few feet away. Active tags have a longer range, but are more pricey. If a business invests in RFID technology, they’ll need to consider this. When we go to the store and tap our card on the machine, we probably save a few seconds compared to inserting or swiping it. However, for a warehouse going through hundreds or maybe thousands of boxes per hour, they would save a substantial amount of time.
Isel Sainte says
Thank you for your post. I skipped answering RFID because I did not understand it fully. Now I do though. As I mentioned in another reply in a previous post, I love examples. It helps me get a better understanding of how the system works.
Julia Grugan says
Hi Madeline, thanks for your response! I am curious if you think there are any dangers to active tags. For example, my first thought was that if credit card companies start employing active tags to provide greater convenience for users, there might be issues with accuracy, and cards getting accidentally charged. Do you know if this happens ever in supply chain management? I would imagine that they have developed solutions to potential interferences and inaccuracies, but I would be interested to hear more about that!
Assia Snineh says
Hey Madeline,
I never knew RFID’s are used in our everyday lives such as credit cards and debit cards. Tapping my card does save me a lot of time rather than swiping it or inserting it.
Ishaan Joshi says
Hey Madeline, I love how you mentioned the example of tap cards because me personally, I am a big tap card guy. I’m such a big tap card guy that when I worked in retail and I saw a customer insert their tap card it would make my blood boil, it was like a pet peeve of mine. This is why seeing the technology that goes behind it is so interesting to me. Great job on the explanation!
Sheree Owens says
Supply chain management is the deliberate effort to ensure that goods are delivered in the most efficient and effective way. Supply chain management is the handling of the entire process of turning raw materials into a final product. Without the supply chain, we would not have access to food and health products, or the items that allow us to work, travel and entertain ourselves. Supply chain management involves a network of suppliers connected via a centralized management process. Each supplier acts as a link that moves a product along a chain of production, from raw material suppliers to manufacturers to retailers. The significant change in interest and exchange rates this makes the supply chains fragile.
Julia Grugan says
Hi Sheree, thanks for your response! I am not that familiar with supply chain management, but my first thought when I hear the term is the blockage of the Suez Canal in summer 2021. That incident illustrates your point about each supplier acting as a link in a larger process. When shipping slowed down due to the blockage of the Canal, other elements of the supply chain, like ground transportation, were completely halted. That event really showed me the necessity of each link in the chain performing well!
Assia Snineh says
Hey Sheree,
I’ve never heard of supply chain management and how it is used. this was a great explanation about it and how it helps suppliers!
Yi-Lun Ma says
Hi Sheere,
Thank for your response. You have explain the important of the supply chain management is for our daily live. Most of the time we order something on the internet, we need supply chain company to help us to deliver. However, for the AI being more famous, did those supply chain company employee been loseing their job?
Shivam Joshi says
Descriptive analytics is the process of summarizing and analyzing data to understand the past and present status of a particular subject. Predictive analytics, on the other hand, is the process of using data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data.
Data refers to raw information that is collected and stored, while big data refers to the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. The difference lies in the size, speed, and variety of data.
Companies use big data to gain valuable insights into their business operations, customer behavior, market trends and more. Big data helps organizations make informed decisions, increase efficiency, and improve their overall performance.
Business intelligence is a set of processes, technologies and tools that organizations use to collect, integrate, analyze and present data to support informed decision-making. It helps companies by providing them with a comprehensive view of their business and helps identify areas of improvement.
OLTP (Online Transaction Processing) systems are designed to manage transaction-oriented applications, while OLAP (Online Analytical Processing) systems are designed to support business intelligence activities. OLTP systems are optimized for insert, update, and delete operations, while OLAP systems are optimized for complex querying and analysis of data. Examples of OLTP systems include point-of-sale systems, while examples of OLAP systems include data warehouses.
The types of data include structured data, unstructured data, semi-structured data, quantitative data, and qualitative data. Structured data refers to data that is organized and stored in a specific format, such as tables, while unstructured data refers to data that is not organized in a specific format, such as text, images, and videos.
The sources of data include internal data, such as sales and customer data, and external data, such as data obtained from social media and public sources.
Supply chain management is the coordination and management of activities involved in the production and delivery of goods and services to customers. It affects businesses by reducing costs, improving efficiency, and increasing customer satisfaction.
Supply chains are fragile due to the interdependencies and complexities involved in the production and delivery of goods and services. Any disruption in one part of the supply chain can affect the entire supply chain, leading to delays and increased costs.
RFID (Radio Frequency Identification) is a technology used to track and manage the movement of goods in a supply chain. It uses radio waves to transfer data from an RFID tag to a reader, providing real-time information about the location and status of goods. RFID helps supply chain management by improving visibility and reducing errors, leading to better efficiency and reduced costs.
Isel Sainte says
You helped me come up with a way to remember the difference between structured and unstructured data. It’s funny to me at least. Structured data is me at work. I am organized, have to use tables etc. Now unstructured data is me…at home ding ding ding you got it right lol. I am texting, sending images, and videos. I know corny but this is what I do to help me remember things.
Assia Snineh says
Traditional data is built on a centralized database architecture, whereas big data is built on a distributed architecture. Computation is distributed across a network of computers. This makes big data far more scalable than traditional data, as well as providing better performance and cost savings. Descriptive analytics tell us what has happened; predictive analytics show us what might happen. Companies use big data in their systems to improve operations, provide better customer service, create personalized marketing campaigns, and take other actions that, in turn, can increase revenue and profits. Businesses use business intelligence strategies and technologies to analyze data and business information. In a nutshell, it enables businesses to learn about any process or trend affecting performance, why things are happening, and what is likely to happen in the future. An OLAP system is designed to quickly process large amounts of data, allowing users to analyze multiple data dimensions at the same time. This data can be used by teams to make decisions and solve problems. OLTP systems, on the other hand, are designed to handle large amounts of transactional data from multiple users. the 4 types of data are structured data, unstructured data, semi-structured data, quantitative data, and qualitative data. Supply chain management (SCM) is the centralized management of the flow of goods and services, and it encompasses all processes that convert raw materials into finished goods. Companies can reduce costs and deliver products to customers faster and more efficiently by managing the supply chain. Radio-frequency Companies can track their supply chain workflow with identification, which provides more usable data with manufacturing equipment, inventory, asset management, and company processes. When used correctly, the generated data can aid in the automation of these areas of the supply chain.
Aidan Morgan says
Hi Assia, I agree that RFID can benefit supply chain management in a positive way. As RFID are used, they help to determine which services are needed more than others for consumers. RFID give efficient information on goods in which companies can use to manage their supply and figure out what works and what might not be worth it.
Yi-Lun Ma says
RFID is a tool that can make us more convenience, RFID included credit card, debit card, and even the septa key card. It id the tool that you can pay for the cash easier without taking a lot of cash or dollar when you going shopping. It is also very useful in the world of the supply chain management. A shipping label with a RFID can help you easily to check where it come from, what it made for, and even the cost. This help supplies chain management more convenience on their works. For our customer and the proprietor of a shop or restaurant, they don’t need to remember any cost of the product and they also can prevent the item steal by the customers because most of the store have a machine that can check the item isn’t pay or not.
Levan Lobjanidze says
Yes, you are correct. We also have to remember that criminals also use RFID readers for stealing credit card data. RFID shielded wallet is a good investment, especially if you travel abroad.
Levan Lobjanidze says
Radio Frequency technology (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects. RFID is a commonly used technology, in almost everything. Starting from credit cards and finishing with our food. Yes, food boxes also use RFID chips for tracking purposes in supply chain. Even if the product itself doesn’t have an RFID at some point of its life, when the product was in supply chain on its way to the costumers it had an RFID chip. We learn in this course about Disney’s 1 billion dollar investment in RFID technology. Disney decided to bring RFID watches for their customers at Disney World. With these watches customer can have access to all facilities and manage on what he wants to spend his time and money. Disney also from their end can monitor and control customer traffic for better customer experience and gather data for future business analytics.
Lamine Karamoko says
These are two different types of analytics that involve different types of summarizations. Descriptive and predictive analytics are two types of data analysis techniques both used by businesses to gain insights and make informed decisions. I know that most jobs require a certain amount of analytics in order to get the job done. Descriptive analytics is about analytics that are summarized and describe a mass collection of information. “It involves data aggregation and data mining techniques to summarize data and identify patterns and trends”(On hbs.edu). It uses either past or current data to predict future trends, behaviors, events, helping businesses to make informed decisions and plan for the future. That is why both are different. It is because descriptive analytics is based on info in the current moment, while predictive analytics is based on the future. Both types of analytics are important for businesses, as they provide insights that can help with strategic planning, resource allocation, and decision-making.
Sahid Kapadia says
While we usually talk about how important and frankly how much of a positive thing it is for companies to become data-driven from hiring someone for a job to deciding what to invest in, there are some clear downsides too. Some of them are: 1. Lack of good data. If your data is simply inaccurate, biased, incomplete it would lead you to make decisions that is not reflective of the real situation. 2. Being overtly reliant on data. If you’re just too reliant on numbers it can lead you to make dumb decision which without the data you would have not made. 3. Constraining your ability to take certain level of risk. I personally belive that in anything you do there is certain level of risk you take. Consciously or unconcisouly. There is no such thing as risk-free in my opinion. For example me deciding to take MIS 2101 course is a risk. What if I fail the class? Could significantly impact my GPA and will always be there on my transcripts but that does not mean I should not take the class. Without that I won’t be able to take higher level courses and as a result won’t be able to graduate. One another example that I think really kind of put the downside of being too data-driven is this: In 2021, When Bob Iger, CEO of Walt Disney Company retired ( he was reinstated as CEO last year) he gave an interview to NYT. In that he revealed that if Disney were to simply rely on data to make decisions on which movies/shows to make, the movie Black Panther (2018) would have never been made. That movies was a big financial and critical hit. This is just one of the example of the downsides of being too reliant of data.
Amgad Elamin says
Hello Sahid,
I like your post. I like how you explained the risk of a student passing or failing this class. I also understand there is no risk-free decision in life. however, I believe that a person can only do his/her best to accomplish goals in life. I hope we both pass this class.
Best wishes!
Aidan Morgan says
When businesses look into data, they can focus on two forms of analytics, descriptive and predictive. Descriptive analytics is focused on data from the past and present to understand why a certain event took place, while predictive analytics is predicting what may happen in the future and understanding why. Supply Chain Management (SCM) is the process of how companies handle and track their goods and services that transform into raw materials into the final product. Supply Chain Management is fragile because it makes it hard to balance efficiency and inventory accurately as well as how cost distribution is handled. RFID, or Radio Frequency Identification, is wireless tech that enables identification of objects that have been fitted with radio frequency tags. It is beneficial as it helps both inventory and access control and it works when an antenna reads the electromagnetic energy. RFID can also penetrate non-metallic solid objects. RFID tags can even contain more information than barcodes and scanning can be done from a great distance. There are two different tags that can be used, passive, which are inexpensive and can only range a few feet, or active, which are more expensive but have a longer range. Some examples of RFID prevalent in society today include credit cards that can be “tapped” to pay, the Disney MagicBand, and hotel keycards. RFID helps supply chain management as it can provide useful information on numerous goods. RFID can provide information on which goods are needed and what goods are demanded more than others.
Sami Barhoum says
What is business intelligence, and how does it help companies?
Business intelligence helps give organizations the ability to ask questions in plain language and get answers they can understand. Instead of using educated guesses, they can base decisions on what their business data is telling them, whether that is production, customers, market trends.
Business intelligence helps organizations become more data driven, improve performances, and gain competitive advantage.
Business intelligence connects a wide variety of different data systems and data sets,
It also helps provide a deep analysis, helping users uncover hidden relationships and patterns.
Business intelligence helps presents answers in informative and compelling data visualizations like reports, maps, charts and graphs.
It can also monitor business operations and fix or make improvements on an ongoing basis which is given by data insights.
Organizations can benefit when they fully assess operations and processes to understand their customers. They need the right tools to aggregate business information from anywhere, analyze it, and discover patterns and find solutions.
Nicholas DiGiuseppe says
Predictive analysis is centered around predicting future events of a company. It focuses on attempting to fill in missing data by guessing with the highest accuracy. Businesses are always looking into the future which is why business intelligence is used in order for them to obtain an understanding of what specifically needs to get done. RFID (Radio Frequency Identification) significantly helps the supply chain since inventory is getting improved. RFID technology also allows for faster processing. Supply chain management is the flow of data and finances. If you have unhappy customers, it could very well mean that there is too little product. On the other side of the scale, if you have too much product then this means there is money lost. So it is very important to apply operations management skills and find the right amount of units to produce in order to keep your customers happy and also not lose money at the same time.
Amgad Elamin says
Hello class,
Descriptive analytics tells users what is happening now and what happened in the past. On the other hand, predictive analytics tells users what is going to happen in the future.
Business intelligence (BI) is the process of using software and services to learn and predict the future trends and new ideas. BI improves the strategic and tactical decision-making process in an organization. Moreover, it helps finding current report that shine the light on organization’s current condition. There are many benefits of using BI. First, BI enables organizations to make data-driven business decisions. second, BI saves time and increasing efficiency by providing faster analysis. Third, BI improves customers’ experience which leads to higher employee satisfaction. Finally, BI improves organizational competitive advantage overall which in return earn them more profits.
Online Transactional Processing (OLTP) are used to process any financial transaction online or in-person such in eBay or local Walmart. Online Analytical Processing (OLAP) uses data from these financial transactions and analyze it.
Supply chain management is the process of managing the flow of raw materials or data that make up the final product. This process is sometimes fragile and very sensitive. If an organization made lots of products it is in risk of losing money. On the other hand, if fewer products are made it can end up with angry customers and loss of business.
Robert DiBrino says
Hi Amgad! I agree that the supply chain process can be a fragile one, especially with the raw materials issues that are facing a lot of industries today. Should an organization not be able to access a material anymore, this would cause a major disruption in the chain and therefore result in a scarcity of this product.
Anthony Marquis says
Hey Amgad. I also agree that the supply chain process can be extremely fragile in a way that if certain companies can’t obtain certain resources, that they may or may not cause a disruption in the supply chain process itself.
Robert DiBrino says
Business Intelligence (BI) helps organizations make informed and tactical business decisions by providing strategies and technologies for business to use to analyze data to create action items. BI tools can be extremely helpful for an organization in several ways. First, it created trusted and governed data. Business Intelligence systems can integrate internal and external databases to create one source of information. This allows for the organization to have one data set for all departments to use. Secondly, it creates the ability for faster analytics and more intuitive business dashboards. The system does this by combining reports into a user-friendly dashboard for the majority of the organization’s employees to use. The dashboard provides a surface level at a glance information. With both of those items in mind, the third benefit is the ability to increase the efficiency of an organization. With reports streamlined into databases and the integration of internal and external data sources, this becomes a central source for fast information. In turn, allowing for the organization to run smoother and the business to be able to make decisions based on the numbers rather than hypotheticals. These items will have an overall impact on employee satisfaction, resulting in higher customer satisfaction, and when these two things are up along with the overall efficiency, the organization is likely to be successful. In the future, I will absolutely be using business intelligence and advocate for it in my future organizations.
Anthony Marquis says
Descriptive analytics can tell and define what has occurred in a business within the past week, month, or year. It is presented in numbers as well as visuals in reports. Meanwhile, Predictive analytics gives a reason as to why something could occur and determines the various potential outcomes from past and present actions as well as trends. The thing that seperates data from big data is that simple data generates on an hourly or daily basis, while big data is generated more frequently, specifically within seconds. Basic data is managed in a simple centralized form, while big data is managed in a distributed form. Companies use big data in order to specify functions within an organization or company by computing data quicker using big data. Companies will use big data in areas like marketing and pricing. Business intelligence is a process that is workable with various strategies and applications in order to help analyze data in any sort of business setting. OLTP is mainly operational, while OLAP is informaitonal based. OLTP provides immediate records of current business activities, meanwhile, OLAP generates and validates insights from that data as it is collected over a span of time. The types of data that is being collected is called primary data, while the data obtained from external sources is called secondary data. Supply chain management refers to the use of modern information technology to centralize all the processes of products in order to provide information on process management. Fragile global supply chains are impacted by the fragmentation of decision-making processes. RFID is defined as and contributes to the supply chain operations that is being provided for unique object identification and real-time information.
Ishaan Joshi says
Descriptive analytics is geared toward analyzing data from the past that gives historical trends and patterns. As the name suggests, predictive analytics is geared toward future predictions. In many ways, both go hand in hand because you can’t understand the future without first understanding the past. The historical data of the past will give you a well-educated assessment of the likeliness of the end. Big data can’t be processed using traditional data analytic methods. This is characterized by the three V’s: Volume, Velocity, and Variety, meaning it is the quantity, speed, and diversity of this data that requires advanced tools and techniques when dealing with the task of processing this sort of data. An example of big data would be YouTube collecting vast amounts of data regarding interest in videos to determine what kind of videos are best suited for promotion on their platform. Companies use big data to analyze trends and make better decisions on future operations. The main goal of any company is to profit. With other companies using data to understand market trends, you’d be at a competitive disadvantage not to analyze these broader trends.
Preston Cain says
Descriptive analysis describes events that have occurred and trying to understand why the events happened. Such as looking to see if there’s a pattern or a reason why the event happened. Predictive analysis is analyzing data to come to conclusion about what could happen in the future. This type of analysis relies on watching patterns and looking at probable causes for that certain event to happen. The way I see small data is looking at it as micro data, meaning data within an entity or a business. Big data I more pertain to data on a larger scale, such as macro. This meaning data across companies and throughout the world. Business intelligence refers to the idea of how smart a business runs within the world it is in. which using descriptive and predictive analysis to make assumptions about the market that they are in. doing so, the company looks at what factors can affect change and how the company can react.