Please read the following four definitions and identify which one area is an absolute must for you to get maximum value from your data:
Data Science
What does a data scientist do? Data scientists determine the questions their team should be asking and figure out how to answer those questions using data. They often develop predictive models for theorizing and forecasting.
Data Understanding
Business analytics (BA) is a set of disciplines and technologies for solving business problems using data analysis, statistical models and other quantitative methods. It involves an iterative, methodical exploration of an organization’s data, with an emphasis on statistical analysis, to drive decision-making.
Business Intelligence
Business intelligence is a broad term that encompasses data mining, process analysis, performance benchmarking, and descriptive analytics. BI parses all the data generated by a business and presents easy-to-digest reports, performance measures, and trends that inform management decisions.
Business Understanding
Business Understanding refers to the profound knowledge and insight into the core aspects of an organization’s operations, its market, and its customers. It is the ability to grasp the intricacies of the industry, the competitive landscape, and the driving forces that shape the success of a business.
So, which one area is an absolute must for you to get maximum value from your data: Data Science, Data Understanding, Business Intelligence, Business Understanding.
HINT 1: Which one of the above four represents lateral thinking?
HINT 2: Now, A Story
A truck driver tried to pass under a low bridge, but the truck was too tall and got stuck. Traffic piled up behind it, and soon emergency workers, engineers, firefighters, and other truck drivers gathered to try to help.
Each one thought of possible solutions based on their own field of expertise. Mechanics thought of dismantling the truck piece by piece. Engineers thought of chipping away at the bridge. But none of the solutions were feasible. Then a boy who knew nothing of mechanics or engineering came along… How did he solve the problem?
Would you like to stay with your original answer?
30
Procurement Insights
Why data is useless if this one thing is missing
Posted on July 11, 2024
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Please read the following four definitions and identify which one area is an absolute must for you to get maximum value from your data:
Data Science
What does a data scientist do? Data scientists determine the questions their team should be asking and figure out how to answer those questions using data. They often develop predictive models for theorizing and forecasting.
Data Understanding
Business analytics (BA) is a set of disciplines and technologies for solving business problems using data analysis, statistical models and other quantitative methods. It involves an iterative, methodical exploration of an organization’s data, with an emphasis on statistical analysis, to drive decision-making.
Business Intelligence
Business intelligence is a broad term that encompasses data mining, process analysis, performance benchmarking, and descriptive analytics. BI parses all the data generated by a business and presents easy-to-digest reports, performance measures, and trends that inform management decisions.
Business Understanding
Business Understanding refers to the profound knowledge and insight into the core aspects of an organization’s operations, its market, and its customers. It is the ability to grasp the intricacies of the industry, the competitive landscape, and the driving forces that shape the success of a business.
So, which one area is an absolute must for you to get maximum value from your data: Data Science, Data Understanding, Business Intelligence, Business Understanding.
HINT 1: Which one of the above four represents lateral thinking?
HINT 2: Now, A Story
A truck driver tried to pass under a low bridge, but the truck was too tall and got stuck. Traffic piled up behind it, and soon emergency workers, engineers, firefighters, and other truck drivers gathered to try to help.
Each one thought of possible solutions based on their own field of expertise. Mechanics thought of dismantling the truck piece by piece. Engineers thought of chipping away at the bridge. But none of the solutions were feasible. Then a boy who knew nothing of mechanics or engineering came along… How did he solve the problem?
Would you like to stay with your original answer?
30
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