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Module 4 - UNIT 1

POWER BI

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Ramesh K
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3 views24 pages

Module 4 - UNIT 1

POWER BI

Uploaded by

Ramesh K
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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BUSINESS

INTELLIGENCE
Ramesh K
IBM Software Technical Trainer
IBM India Private Limited
UNIT-1
MODULE – 4

BUSINESS & DATA

1. Data driven decision making


2. Data driven decision making
challenge
3. Operational VS
Informational data
Data-driven
◦Data-driven is determined by or dependent on the collection of
analysis of data.
◦Example: Ecommerce sites typically use data to drive profits
and sales.
Data-driven decision making

◦Data-driven decision making is the process of using data and


insights to enhance the quality and improve the accuracy of
decisions, instead of relying on guesswork, intuition, or
hearsay.
◦Using this process, decisions are made based on supporting
data and facts, thus ensuring better outcomes and minimizing
the chances of failure.
Data-driven decision making

◦For example, a bank or a financial institution gathers data


about a borrower’s financial standing such as credit ratings,
past transactions, references, and background verification, to
decide whether they can extend loan or credit limits to the
borrower and to what extent.
◦Such data-driven decision making helps them protect
themselves from defaulters and losses.
CHALLENGES:
◦1. Lack of data: This is perhaps the most obvious barrier to data-driven
decision making. If data doesn't exist, it can't be used to inform decisions.
CHALLENGES:
◦2. Lack of access to data: Even if data does exist, it may not be accessible to
those who need it. Data may be soiled within an organization, making it
difficult or impossible to get the big picture.
CHALLENGES:
◦3. Lack of skills: Many people simply don't know how to use data to inform
their decisions.
CHALLENGES:
◦4. Lack of time: Data-driven decision making can be time-consuming,
particularly if it requires extensive analysis.
CHALLENGES:
◦5. Fear of failure: Some people are afraid to make decisions based on data,
lest they be proven wrong.
CHALLENGES:
◦6. Confirmation bias: People tend to seek out information that confirms
their existing beliefs, rather than information that challenges those beliefs.
CHALLENGES:
◦7. Overreliance on data: It's important to remember that data is just one
tool that can be used to inform decision making. Relying too heavily
on data can lead to bad decisions, just as relying too heavily on gut
instinct can.
BENEFITS:

◦Objectivity: Decisions are fact-based and therefore reduce the


influence of personal bias.
BENEFITS:
◦Transparency & accountability: Transparency refers to the
quality of knowing for what reasons a decision was made,
while accountability means being willing to accept
responsibility for the actions, and being willing to explain and
justify those actions.
BENEFITS:
◦Improved accuracy: Data-driven decisions are based on facts
and evidence, which can lead to more accurate decisions.
BENEFITS:

◦Improved efficiency: Data-driven decision making can help


organizations make decisions faster and with less effort
through automatization.
BENEFITS:
◦Continuous improvement: Data-driven decision making
enables organisations to track the effectiveness of their
decisions and make adjustments as needed, leading to
continuous improvement.
BENEFITS:

◦Scalability: Data-driven decision making allows organisations


to process large amounts of data and make decisions at scale.
Operational vs Informational data

Operational:
◦Maintain records of daily business transactions
◦Online Transaction Processing (OLTP)
◦Deal with the running data values and consists of data like
payroll, inventory, order and other daily operations data
Operational vs Informational data

Informational:
◦Standardized systems that are commonly implemented within the
people, processes, and technology in an organization for improving the
interaction.
◦Deals with the collection, compilation of data and deriving
information from the data.
◦Used everywhere for increasing the performance of the business and
organizations.
Thank You !!!

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