Business intelligence (BI) frameworks.

Full Answer Section

Some of the most popular BI frameworks include:

• Microsoft Power BI

• Tableau

• QlikView

• SAP BusinessObjects

• IBM Cognos

• Compiling Data Required to Inform Business Insights

The first step in any BI project is to compile the data that is needed to inform business insights. This data can come from a variety of sources, including:

• Operational data
• Financial data
• Customer data
• Social media data
• Sensor data

Once the data has been compiled, it needs to be cleaned and prepared for analysis. This may involve removing duplicate records, correcting errors, and standardizing the data format.

• Conducting Comparative Market and Operational Performance Analyses

Once the data has been prepared, it can be used to conduct comparative market and operational performance analyses. This involves comparing the business's performance to its competitors and to industry benchmarks.

This type of analysis can help businesses identify areas where they are doing well and areas where they need to improve. It can also help businesses identify new opportunities for growth.

• Determining Business Outcomes Using Predictive Analysis Techniques

Predictive analysis is a type of BI that uses data to predict future trends and events. This type of analysis can be used to determine the likely outcome of a particular course of action.

For example, predictive analysis can be used to predict customer churn, identify fraudulent activity, or optimize marketing campaigns.

• Analyzing Big Data for Business Decision-Making

Big data is a term used to describe the vast amount of data that is being generated every day. This data can be used to gain insights into customer behavior, identify new market opportunities, and improve operational efficiency.

However, big data can be challenging to analyze. This is because it is often unstructured and noisy.

There are a number of techniques that can be used to analyze big data, including:

• Machine learning
• Natural language processing
• Data mining

These techniques can be used to extract patterns and insights from big data that would not be possible to identify using traditional methods.

Conclusion

BI is a powerful tool that can help businesses make better decisions. By evaluating BI frameworks, compiling the data required to inform business insights, conducting comparative market and operational performance analyses, determining business outcomes using predictive analysis techniques, and analyzing big data for business decision-making, businesses can gain a competitive advantage.

Sample Solution

Business intelligence (BI) frameworks are a set of tools and processes that help businesses collect, analyze, and interpret data to make better decisions. There are many different BI frameworks available, each with its own strengths and weaknesses.

When evaluating BI frameworks, it is important to consider the following factors:

• The specific needs of the business
• The size and complexity of the business
• The budget available for BI
• The level of technical expertise required