Represents the tools and systems that play a key role in the strategic planning process of the organization. These systems allow a company to gather, store, access and analyze corporate data to aid in decision-making. Generally, these systems will illustrate business analytics in the areas of customer profiling, customer support, market research, market segmentation, product profitability, statistical analysis, and inventory and distribution analysis to name a few.
Published in Chapter:
The Role of Big Data and Business Analytics in Decision Making
Pedro Caldeira Neves (Polytechnic of Coimbra, Portugal) and Jorge Rodrigues Bernardino (Polytechnic of Coimbra, Portugal)
Copyright: © 2021
|Pages: 32
DOI: 10.4018/978-1-7998-5849-2.ch010
Abstract
The amount of data in our world has been exploding, and big data represents a fundamental shift in business decision-making. Analyzing such so-called big data is today a keystone of competition and the success of organizations depends on fast and well-founded decisions taken by relevant people in their specific area of responsibility. Business analytics (BA) represents a merger between data strategy and a collection of decision support technologies and mechanisms for enterprises aimed at enabling knowledge workers such as executives, managers, and analysts to make better and faster decisions. The authors review the concept of BA as an open innovation strategy and address the importance of BA in revolutionizing knowledge towards economics and business sustainability. Using big data with open source business analytics systems generates the greatest opportunities to increase competitiveness and differentiation in organizations. In this chapter, the authors describe and analyze business intelligence and analytics (BI&A) and four popular open source systems – BIRT, Jaspersoft, Pentaho, and SpagoBI.