Chapter 4 Data and Databases
Chapter 4 Data and Databases
Chapter 4
Data and Databases
Data, Information, and Knowledge
•Data
•Information
•Knowledge
Data, Information, and Knowledge
Business
Classes
Computer
Accounting Information Finance
Systems
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Data Warehouse Benefits
• Forces organizations to better understand the
data
• Centralized view of data to identify inconsistent
data
• Once inconsistencies are resolved, higher quality
data is used to make better business decisions
• Data can be analyzed over multiple
time periods
• Tools are available to combine
data and gain more insight into
business operations
Data Mining
• Automated process of analyzing data
– To find previously unknown trends, patterns, and
associations
– To make better business decisions
• Starts with a hypothetical result in mind
• Privacy concerns
– Easier to combine disparate sources of information and when
aggregated tell you much more about the individual
– Data brokers now to sell this information
• Business intelligence – collecting and
analyzing information to increase their
competitive advantage
• Business analytics – uses internal
company data to improve business
processes and practices
Knowledge Management (KM)