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Business Intelligence And Data Science Essay

1334 words - 5 pages

For the past couple of decades the majority of businesses have wanted to construct a data-driven organization or company. Furthermore, companies around the world are considering harnessing data as a basis of competitive advantage over other companies. As a result, business intelligence and data science use are popular in many organizations today. The increase in adoption of these data systems is in response to the heavy rise in communications abilities the world over. Which, in turn ,has increased the need for data products. Indeed, the Data Scientist profession is emerging to be one of the better-paying professions due to the urgent need of their labor. This paper is going to discuss what business intelligence is all about and explain data science that is usually confused to be similar to business intelligence. I will tackle a brief overview of data scientists and their role in organizations.
Business intelligence is a series of technologies, processes and tools required to convert data into information that is further converted to knowledge and plans respectively that yield profitable business accomplishments. Business intelligence consists of components such as knowledge management, warehousing, data mining, querying, reporting and business analytics. The definition of business intelligence is knowledge acquired about a business via the use of various software and hardware technologies that enable an organization to transform data into information or plans (MÜLLER et al., 2013). Companies and organizations employ business intelligence to cut costs, improve decision-making and in identifying new business ventures. What makes business management special is that it allows the company team to use data strategically in responding to challenges facing the company and produce profitable business results. Business intelligence use of software applications in analyzing the company’s raw data makes it easy to detect any mistakes and to solve problems quickly.
Business intelligence is similar to data science in relation to the desired outcomes. They both provide solutions to the company's problems (KUDYBA & HOPTROFF, 2001). However, data science is slightly different from business intelligence because data science aids in the design of data products. There is also a difference in the steps they employ in solving problems in that data science uses three components namely packaging, organizing and delivering data. In addition, the data science toolkit is more technically sophisticated as compared to the business intelligence toolkit. Data science is mainly concerned with the conversion of data into actions (CODATA, 2002). It accomplishes that through building of data products that give actionable information minus exposing underlying data decision makers or analytics. Data science has given data a new outlook whereby data is viewed as a valuable and precious resource just like oil and gold. In fact, data science aids in the current advancement and...

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