Business Intelligence Labs
Introduction
Business intelligence plays a vital aspect in the world of business where it helps in decision-making processes which is a crucial element for the progress of the company (Domingues et al.,2016). It helps in identifying market trends of items that are needed by their clients thus will improve the business to know how they should land on their clients. Business intelligence will help the company to spot addressable business problems for the business to grow and make rational progress towards making profits and achieving their objectives I the market. For the business to achieve all this through business intelligence, they must use tools such as data mining, social analysis and text mining for them to have the success in their business through business intelligence.
Data mining
Data mining is the process of detecting relevant patterns through the database for instance in the loan defaulters can be identified when they have a low average annual salary; thus a firm can know they can engage in the business (Sreedhar,2016). This technique can be used in exploratory analysis and predictive models that will help the business oversee future trends of the market so that they can have plans and have preparedness of their operations.
Data mining will help in the market campaigns over their market and place of operations. This method will help a business to have an understanding on which market campaigns that are likely to have the best engagement to their customers classify them and help the industry meet the clients for their goods (Domingues et al.,2016). This technique will help the company to know how they should display themselves in terms of advertisements and the amount of money that they should spend on advertising their products in the market. This will help them know how they should treat their clients.
Data mining will help the business in making decisions and detecting fraud in the market and business contact. Despite relying on the knowledge and intuitions of employees, it’s better to use data of the business to have an insight on how they should make decisions and how they should come up with decisions that will affect the firm. Similarly, the business will be able to detect fraudulent activities and potential outcomes of the business to get involved in fraud. Business such as banks and insurance companies use this method to determine who are their premium payers and how they should make claims on making payments on loans and having the techniques that will help the cover defaulters (Domingues et al.,2016).
Social analysis
Social analysis is a technique that involves evaluation of issues that have a relation with the social characteristics, how people are living, services that offered socially, and justice in the society (Oh & Syn, 2015). This analysis involves clients, the government, the environment of the business, and economies that affect the industry. This analysis helps to relate the past, present and expected future of the company. Further, it involves the culture of people, the rate of migration to urban areas and also it includes the demographics of the society.
Through social analysis, the business will be able to know the population on the place of operation what they want and how they should relate with them. This method will open up the business to make rational decisions on places that they should base their business since they will know the type of population they are targeting and how they should handle them. Culture of a place is the central aspect that will help the business know the kind of products that they are supposed to sell and what they should leave out since some products are not consumed by some communities (Joyce & Paquin,2016). Additionally, through social data, the business will know how they should implement government policies that are imposed in enterprises.
Text mining
This is a method of deriving high-quality information from texts whereby its obtained through devising patterns and trend using a technique of statistical models (Çakir & Güldamlasioğlu,2016) This method will help a business in compliance, and threat detection thus enables a company to have risk prevention measures that will help the business to thrive. This technique will help have the best public control from frauds and criminal activities that are likely to harm the company in any manner. Similarly, this method will help the firm to know how they will engage their clients so that they can increase their leverage in the market. Additionally, it will help the business to understand how customers think about the company and how they should handle the information they have gotten (Ishikiriyama, Miro & Gomes,2015).
Conclusively, business intelligence with the support of data mining, social analysis and text mining will help the business identify ways they will survive in the market and advance their business. Not only they will help the company on decision making but also help in making profits and have the reasonable control of their clients and what they need.
Reference
Çakir, M. U., & Güldamlasioğlu, S. (2016, June). Text mining analysis in Turkish language using big data tools. In 2016 IEEE 40th Annual Computer Software and Applications Conference (COMPSAC) (Vol. 1, pp. 614-618). IEEE. Retrieved from: https://ieeexplore.ieee.org/abstract/document/7552079/
Domingues, M. A., Jorge, A. M., Soares, C., & Rezende, S. O. (2015). Web mining for the Integration of data mining with business intelligence in web-based decision support systems. In Integration of data mining in business intelligence systems (pp. 120-142). IGI Global. Retrieved from: https://www.igi-global.com/chapter/web-mining-for-the-integration-of-data-mining-with-business-intelligence-in-web-based-decision-support-systems/116812
Ishikiriyama, C. S., Miro, D., & Gomes, C. F. S. (2015). Text Mining Business Intelligence: a small sample of what words can say. Procedia Computer Science, 55, 261-267.Retrieved from: https://www.sciencedirect.com/science/article/pii/S1877050915015197
Joyce, A., & Paquin, R. L. (2016). The triple-layered business model canvas: A tool to design more sustainable business models. Journal of cleaner production, 135, 1474-1486.Retrieved from: https://www.sciencedirect.com/science/article/pii/S0959652616307442
Oh, S., & Syn, S. Y. (2015). Motivations for sharing information and social support in social media: A comparative analysis of Facebook, Twitter, Delicious, YouTube, and F Flickr. Journal of the Association for Information Science and Technology, 66(10), 2045-2060.Retrieved from: https://onlinelibrary.wiley.com/doi/abs/10.1002/asi.23320
Sreedhar, G. (Ed.). (2016). Web Data Mining and the Development of Knowledge-Based Decision Support Systems. IGI Global. Retrieved from: https://books.google.com/books?hl=en&lr=&id=feTMDQAAQBAJ&oi=fnd&pg=PP1&dq=how+data+mining+supports+business+&ots=0LJ9zmCf9w&sig=V5pzaTztZU7cW4wj1BXrsyaGUsM