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Business Intelligence and Strategy Data Science

What is Business Intelligence ?

Companies need to translate data into information to plan for future business strategies. For most companies, valuable data is stored in massive spreadsheets or servers. Ideally, this data should provide you with information on sales trends, consumer behavior and resources allocation. Company data can indicate the viability of your product and help in the planning of your future growth. Hence data can help maximize revenues and reduce costs.

Before we talk about Business Intelligence , we should first highlight the fact that , Companies need to translate data into information to plan for future business strategies , because for most companies , valuable data is stored in massive spreadsheets or servers . In perfect senarios , this data should provide you with information on sales trends , consumer behavior and ressources allocation . To be more precise , company data can indicate the viability of your product and plan for your future growth . Hence data can maximize revenues and reduce costs . that’s why we need BI solutions .

Business Intelligence ( BI ) is a segment of information technology that comprises software systems that enable finding , storing , organising and supplying data ; when incorporated into an information system , it enables company to utilise real time analysis of information .

in brief , it can be considered as a software that enables business users to see and use large amounts of complex data (e.g. multidimensional analysis, query tools, data mining tools) .

Cognos.com defines the BI as a category of applications and technologies for gathering, storing, analysing, reporting on and providing access to data to help enterprise users make better business decisions . 

So to resume it all , we can say that the business intelligence is a management decision support framework that empowers business users to understand data => resulting in actionable insights that improve the business.

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Business Intelligence and Strategy Data Science

The Pareto Principle

Pareto Principle

Pareto principle or 80/20 law or law of vital few , states that 80% of the conseuences are caused by 20% of the causes . The Pareto principle is discovered hundread years ago by the italien economist and sociologist Vilfredo Pareto .

It was back then only in observation related to land owners : 80% of the land was owned by 20% if the population . Then he carried out a survey on other countries and found to his surprise => the same distribution is applied…

The pareto principle was considered over the time as an axiom , and used on many fields .

In mathematics : the 80/20 is followed by the pareto distribution .

In software engineering for the optimization efforts .

In Sports : 20% of the exercices and habits have 80% of the impact .

In health and safety : 20% of the hazards accounts for 80% of the injuries …

etc …