Abstract
Business intelligence (BI) is inevitable to the business organizations to make the most effective decisions with the highest level of efficiency, and to find ways to make continuous improvement in their decision-making processes based on data science (DS). So, it is very important for them to search for the latest BI and DS tools and technologies. They expect to get increasingly improved performance from these emerging tools and technologies in the field of DS, which consequently helps them to drive down their information technology (IT) budget to run their businesses. The advent of computing technologies, software engineering, DS technologies, cloud computing, etc., and very rapid emergence and adoption of smartphones around the globe, have made the modern day business environment much more competitive than ever before, and have resulted into enormous increase in the use of the advanced BI and DS tools and technologies, which will be steadily increasing further in the future. This article attempts to make an analytical discussion of these ever-improving DS tools and technologies.
TopBackground
The advent of computing technologies, software engineering, data warehousing technologies, cloud computing, etc., and very rapid emergence and adoption of smart-phone around the globe, have made modern day business environment much more competitive than ever before. To survive and sustain facing the immense competition due to all these fast emerging technologies, businesses have to make informed decision by analyzing business data using the most effective, efficient, and up to date data dealing tool, which will ultimately ensure the use of the least expensive data handling procedure. This paper will try to identify the most economic ways of using data handling tools and technologies.
Data analyses are mainly done using data stored in the enterprise data warehouses, which (data) are mainly created in, and collected from operational data stores. Everybody wants to have faster access to information but not quite eager to pay as much. Business enterprises struggle continuously to make a balance between these two conflicting expectations. This paper aims to identify the best possible ways to make this balance, e.g. switching to cloud computing from maintaining enterprises’ own data warehouse.
Key Terms in this Chapter
Emerging: Any living or non-living entity, product, service etc., that becomes evident to exist from a non-existing, unseen, or unimagined entity, or as a revised and improved version of any existing entity, product, or service; and which is usually welcomed and widely excepted by the concerned community with a positive thought of seeing high potential of performance in the upcoming or would be entity, product, or service.
Parallel Processing: Parallel processing basically means multi-tasking in a word, with the purpose of increasing efficiency of doing a task up to the highest possible level of its standard set in an industry or working field, in terms of both time and cost, by approaching to do that task from all possible cost & time effective avenues simultaneously, within the limits of the existing performance facilities, and the environmental factors.
Big Data: Big data – a simple word turned into a technical jargon now-a-days to many common people because of its extensive use in the computing world with both its implicit and explicit meanings. The connotation of the term does not mean only the size of the raw facts the concerned people have to deal with, it also gives an impression about the scope and importance of those facts, budget, tools, technologies, and expertise to process those unstructured facts, and an apprehension of the utility of the information to be derived from those raw facts.
Cloud Computing: These kinds of terminologies / nomenclatures in the field of computer science, or data science are very interesting because of their association with some easily understandable regularly used very common and familiar words. Natural cloud being free to all irrespective of nationality, color, ethnicity etc., and making the computing or data science resources available to many users at the same time at no cost, or at a minimum cost as the total cost being distributed among all the users seems to be pretty similar to natural cloud, and hence the whole process of collective or shared usage of common computing resources has been named cloud computing very logically and befittingly.
Tools and Technologies: A device along with the art and techniques of using that device to facilitate task performances by replacing or supplementing the manual method of doing a particular task. Tools and technologies help people to do huge amount of work which could not be even imagined to be performed manually, although those very tools and technologies might have been built absolutely manually at the early stages of the evolution of those.
Data Science: The field of knowledge dealing with the total processing viz. collection, classification, comprehension, interpretation, etc., of raw facts in any discipline to convert those into the required information to be used by different government, non-government, non-profit, profit or business organizations working in or involved with the corresponding discipline, to make informative decision on the basis of authentic data. Using this sorts of data supports to make data based decisions is known as Decision Support System (DSS)
Business Intelligence: The whole process or system of providing the refined and smart information to the business people or organizations based on properly processed pure data, to help them make accurate and timely decisions on the major and critical issues to sustain and succeed.