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Intelligence

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(Find What to Fix) Find or recognize a problem. a need, or opportunity (AKA: "The diagnostic phase of Decision-making". Detecting & interpreting signs by using analytic tools to gather information and make it intelligence. Something that needs your attention.

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Signs

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Consistent Customer Requests, threat of new competition, declining sales, rising costs, an offer from a company to handle your distribution needs and so on.

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Design

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(Find Fixes or Solutions) Considering ways to solve problems, fill needs or taking advantage of an opportunity. Use analytic tools to build models that find solutions.

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Choice

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(Pick a Fix) Examine each solution, guess consequences of each, and choose the best solution, which could even be to do nothing at all. The best solution may depend on factors such as cost, ease of implementation, staffing requirements and timing. (Prescriptive phase of Decision-making); Take Action; Use Analytic tools, for example, to build spreadsheets that show outcomes of each solution and your ranking of choices.

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Implementation

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(Apply a Fix) Implement a solution. You carry out a chosen solution, monitor the results & make adjustments as necessary. Chosen solution needs fine-tuning in complex problems or changing environments. Analytic tools can take the role of quality control to make sure your solution stays on target.

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(Second Model of Decision Making Proposed by Simon) SATISFYING

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Making a choice that meets needs and is satisfactory even though it may not be the best solution or choice. It may take into consideration "fair price" or "reasonable profit".

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Maximum growth

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Optimizing Strategy

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High growth

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Satisfying Strategy

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Structured Decision

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Involves processing a certain kind of information in a specified way so that you will always get the right answer. Example - calculating gross pay for hourly employees.

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Non-Structured Decision

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There may be several "right" answers with no precise way to get a right answer. Most decisions fall inbetween the structured and non-structured decision such as choosing a job because it depends on salary, and other elements up to you.

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Recurring Decision

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One that happens repeatedly or periodically (weekly, quarterly, monthly, yearly) Example, deciding how much inventory to carry and what to price it to sell.

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Non-recurring or Ad Hoc Decision

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Infrequent decision (maybe even once) you may have different criteria for determining the best solution each time. Example, should you build a distribution center or should you do a company merger.

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Decision-Support System (DSS)

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DSS a highly flexible and interactive IT system designed to support decision making when the situation includes nonstructured elements. DSS is part of the analytics tool set which provides you with simple easy to use interface (GUI), Access to large amounts of information and modes and tools (statistical and analytical) you can use to massage the information.

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USER INTERFACE Management Component

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How you communicate with DSS. You enter information, commands, and models. Example in Excel its the buttons, menu, options, formulas & functions, your ability to enter info in cells etc

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DATA Management Component

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Performs the functions of storing and maintaining information and also giving you access to information you want your DSS to use. Example Excel -you can build, store and retrieve workbooks and each workbooks has numerous worksheets. You can import data from other sources.

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The information you use in your DSS comes from one or more of 3 sources:

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Organizational information; External information and Personal information.

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Organizational Information

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DSS may access info directly from your company's databases, data warehouse, and other specialized systems CRM and SCM.

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External Information

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Some decisions may require external info from the Federal Government, Dow Jones, and the Internet

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Personal Information

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You can incorporate your own insights and experience into DSS.

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MODEL MANAGEMENT Component

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Consists of wide variety of statistical and analytical tools, techniques, and models. Example Excel It contains basic description, statistical tools, goal-seek, solver, financial functions, math, trigonometry functions, engineering functions and more. You can create models by writing macros.

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Geographic Information System (GIS)

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(GIS) A Decision support system designed specifically to analyze SPATIAL information.

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Spatial Information

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Any info that can be shown in map form such as roads, distribution of the bald eagle population, sewer systems path of a hurricane, shortest driving route.

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DATA MINING TOOLS and MODELS

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Databases & DBMS; Query & Reporting Tools; Multidimensional Analysis (MDA) tools; Digital Dashboards; Statistical Tools; Geographic Information Systems; Specialized Analytics like Predictive Analytics & Text Analytics; Artificial Intelligence

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Association or Dependency Modeling

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Peanut butter placed next to jelly in a store; Coupons with cross selling - buy this & you get this.

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Clustering

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Groups that are in some way similar without using any a priori or known structures Example, Freakonomics - when it asks questions like what do teachers and sumo wrestlers have in common?

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Classification

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Prediction - You attempt to evaluate historical, known data to derive structures and inferences that can be applied to newly gathered or perhaps future data.

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Regression

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The goal is find a corollary and often causal relationships between sets of data.

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Summarization

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Basic but powerful form of data-mining. Sums, averages, standard deviations, histograms, frequency distributions, and other forms of descriptive statistics.

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Predictive Analytics

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Highly computational data-mining technology that uses information and business intelligence to build a predictive model for a given business application. Using historical info to predict future events and outcomes. Examples of who uses this: insurance companies, healthcare, retail, travel, financial svs etc. Makes use of statistical models primarily to build predictive models.

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Prediction Indicator

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a specific measurable value which is based on a attribute of an entity under consideration. Examples - Frequency of purchases, proximity of date of last purchase (recency), Presence on Facebook or Twitter, # of purchases with multiple products.

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Text Analytics

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The process of using statistical, artificial intelligence, and linguistics techniques to convert information content in textual sources - like surveys, e-mails, blogs, and social media into structured information.Works primary in non-structured elements that is natural language. Example - Gaylord Hotels because they find text analytics useful when it is turned into business intelligence and is analyzed in conjunction with structured information.

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Natural Language Processing

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Linguistic processing such as Lexical analysis (the study of word frequency distributions); Named Entity Recognition (the identification of names for people, places, & things); Disambiguation ( the process of determining the specific meaning of a named entity recognition. EX: FORD may mean the president, Ford Motor Company or Harrison Ford); Conference ( the handling of differing noun phases that refer to the same object.); Sentiment Analysis (Discerning subjective business intelligence such as mood, opinion, & emotion).

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Other Analytics besides predictive & text are:

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Web, HR, Marketing, CRM, Social Media

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Web Analytics

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The Analysis of data related to the Internet. A subset of Web Analytics is SEARCH ENGINE OPTIMIZATION (SEO) which improves the visibility of a Web site thru the use of tags and key terms found by search engines.

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HR Analytics

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The Analysis of human resource or talent management data for such purposes as workforce capacity planning, training & development, & performance appraisal.

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Marketing Analytics

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The Analysis of marketing-related data to improve efficiency & effectiveness of marketing efforts including product placement, marketing mix, & customer identification & classification.

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CRM Analytics

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The Analysis of CRM data to improve functions such as sales force automation and customer service & support.

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Social Media Analytics

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The Analysis of data related to social media use by customers & competitors to help understand the interaction dynamics of itself with its customers & also help an organization scan social media for competitive intelligence.

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Mobile Analytics

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The Analysis of data related to the use of mobile devices by customers and employees.

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Artificial Intelligence (AI)

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(AI) The science of making machines imitate human thinking & behavior. Financial analysts use this to manage assets, invest in stock market & perform other financial operations. EX) Hospitals, Government, Credit card companies use this.

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A I Systems can be classified into the following Major Categories:

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Expert System, Neural Networks, Genetic Algorithms, & Agent-based technologies.

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Expert System

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(AKA: "Knowledge-based System") An artificial intelligence system that applies reasoning capabilities to reach a conclusion. They are excellent for diagnostic & predictive problems. They are built for domain (specific application area). EX) Traffic lights tell drivers what to do `

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Neural Networks

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(AKA: "Artificial Neural Network" or ANN) AI system that finds & differentials patterns. Extract patterns and detects trends. Used to detect visual patterns and voice recognition. Ex) Bomb Detection at airports

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Fuzzy Logic

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It is a mathematical method of handling imprecise or subjective information. Important in Textual analytics. A Fuzzy Logic algorithm is a set of steps that relate variables representing inexact information or personal perceptions.

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Algorithms

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Construct rules & processes

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Genetic Algorithm

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AI system that mimics the evolutionary survival-of-the-fittest process to generate increasingly better solutions to a problem. It is an optimizing system which finds a combination of inputs that gives the best outputs. EX Staples, Honda, Rolls Royce.

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Agency-based Technology

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(AKA; " Software Agent") a systems agent is a computer program that acts for a user or other program in a relationship of agency. 5 types

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There are five types of Agency-based Technology: Autonomous Agent

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Software agent operating on an owner's behalf but without any interference of that ownership entity. It can adapt or alter the manner in which it attempts to achieve its task.

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There are five types of Agency-based Technology: Distributed Agent

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Software agent that works on multiple distinct computer systems.

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There are five types of Agency-based Technology: Mobile Agent

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Software agent that can relocate itself onto different computer systems.

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There are five types of Agency-based Technology: Intelligent Agent

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Software agent that incorporates AI capabilities such as learning and reasoning.

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There are five types of Agency-based Technology: Multi-Agent System

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GROUP of intelligent Software agents that have the ability to work independently but must also do work with each other in order to achieve its task.

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Intelligent Agents

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Incorporate some form of AI - like reasoning or learning - to assist you or act on your behalf, when repeating computer-related tasks.

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Information Agents

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Are Intelligent Agents that search for info of some kind and bring it back. EX) BUYER agents or Shopping agents on a web site that help customers find products or services.

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Monitoring-and-Surveillance Agents

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Are Intelligent Agents that constantly observe and report on some entity of interest, a network, or manufacturing equipment.

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User agents

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(AKA: "Personal agents") Are Intelligent Agents that take action on your behalf as your sorting of e-mails by priority, dumping unsolicited e-mail into your spam folder, and playing computer games with your opponent.

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Data-Mining Agents

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They operate in a data warehouse discovering information. The most common type is "classification" which finds patterns in information & categorizes items into those classes. EX) Neural networks It can detect major shifts in trends or key indicators or spot new information.

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Biomimicry

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Concept of learning from ecosystems and adapting their characteristics to human & organizational situations.

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Swarm Intelligence (Collective Intelligence)

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The collective behavior of simple agents that are capable of devising solutions to problems as they arise.Examples of systems studied by swarm intelligence are colonies of ants and termites, schools of fish, flocks of birds, herds of land animals.

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How are Biomimicry & Swarm Intelligence related, Amin? Possible Essay

answer

Biomimicry is playing a key role in upcoming computer security technology. By looking at the way ants call for backup and overpower invaders through sheer quantity of soldiers, security experts have devised a "digital ant" that will help human operators more quickly spot threats to computer systems.Unlike traditional security devices, which are static, these "digital ants" wander through computer networks looking for threats, such as "computer worms" -- self-replicating programs designed to steal information or facilitate unauthorized use of machines. When a digital ant detects a threat, it doesn't take long for an army of ants to converge at that location, drawing the attention of human operators who step in to investigate. Swarm intelligence is used in other technical areas, including smart buildings. The "hive mind" of bees is the inspiration for self-organizing equipment in smart buildings for energy efficiency. That same ability of ants to rapidly mobilize is what inspired researchers for the next level of computer defense.As they move about the network, they leave digital trails modeled after the scent trails ants in nature use to guide other ants. Each time a digital ant identifies some evidence, it is programmed to leave behind a stronger scent. Stronger scent trails attract more ants, producing the swarm that marks a potential computer infection."

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4 steps in making a decision

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● Intelligence(find what to fix)- Find Problem ● Design(Find Fixes)- Consider ways of Solving problems ● Choice(Pick a fix)- Choose best Solutions ● Implementation- (apply the fix)

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4 types of decisions

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● Structured decision- processing a certain info so you can get the right answer ● Non Structured decision- several right answers ● Recurring decision- happens repeatedly ● Non Recurring Decision (ad Hoc)- Made infrequently

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3 components of Decision Support System

answer

● Decision Support System (DSS) - flexible and interactive IT system designed to support decision making when the situation includes "non structured elements" ● User Interface management component- allows you to communicate with DSS ● Data Management Component- performs the function of storing and maintain information and also that of giving you access to information you want your DSS to use

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Satisficing

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Making choice that meets your needs

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Geographic information systems (GIS)

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a decision support system designed specifically to "analyze spatial information"

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5 intelligence tasks that data-mining tools address

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● Association or Dependency Modeling- Business intelligence realizes relationships such as PB and Jelly sold together ● Clustering- Groups of entities that are similar without using known structures ● Classification- evaluate historical info to use for future info ● Regression- find relationships between sets of data ● Summarization- forms of descriptive statistics

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Predictive Analytics

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highly computational data-mining technology that uses info and business intelligence to build predictive model. PA uses historical info to predict future outcomes.

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Prediction goal-

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question you want addressed by the predictive analytics model.

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Predictions might include:

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Which suppliers are most likely to deliver raw materials in the next 6 months with a defective rate less than .0001%?

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What customers are most likely to respond to a social media campaign within 30 days by purchasing at least two products in the advertised product line?

answer

...

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Prediction indicator-

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is a specific measurable value based on an attribute of the entity under consideration

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Text Analytics-

answer

uses statistical artificial intelligence and linguistic techniques to convert information in to text such as surveys, e-mails, blogs and social media into structured info.

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Expert System or known based system-

answer

Artificial Intelligence systems that applies reasoning capabilities to reach conclusion. Good for diagnostic (what's wrong) or prescriptive problems (what to do)

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Neural Network (ANN)-

answer

Artificial Intelligence capable of finding and differentiating patterns. Used for bomb detection at airports

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Fuzzy Logic-

answer

Mathematical method of handling imprecise or subjective information. Text Analytics convert text to structured info; fuzzy logic assigns numerical values to comment data on a survey form. Fuzzy logic is a good disambiguation, ability to identify a named entity based on surrounding text.

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Genetic Algorithm-

answer

Artificial Intelligence system that mimics the "survival of the fittest" process to generate solution to problems.

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Agent Based Technology, or a software agent-

answer

small piece of software that acts on your behalf performing tasks assigned to it.

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Multi-agent systems-

answer

group of intelligent agents that have ability to work independently or with each other in order to achieve task

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Biomimicry-

answer

Concept of learning from ecosystems and adapting their characteristics to human and organizational situations.

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Swarm Intelligence-

answer

is the collective behavior of groups of simple agents that are capable of devising solutions to problems as they arise, eventually leading to coherent global patterns.

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Electronic Commerce-

answer

commerce, but it is commerce accelerated and enhanced by IT, in particular internet. E-commerce enables customers, consumers, and companies to form powerful relationships that would not be possible without enabling technologies.

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B2G

answer

business sells products to government

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C2G

answer

individual sells products and services to government

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G2B

answer

government sells products and services to business.

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G2C

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paying taxes, register vehicles, provide info snd sources

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G2G

answer

within nation gov't or other nations; providing foreign aid.

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B2B

answer

business sells product to other businesses

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B2C

answer

business sells product to customers

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C2B

answer

individuals sell products to businesses

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C2C

answer

consumer sell to other consumers

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Mass customization

answer

ability of an organization to give its customers opportunity to tailor its products to specification

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Demand Aggregation

answer

combining of purchase requests from multiple buyers into a single large order which gives business discount

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Reverse auction

answer

process in which buyer post its interest in buying a certain quantity of items with notations concerning quality, specification, and delivering timing, and business compete for lowest bid.

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Horizontal E-marketplace

answer

connects buyers and sellers across different industries or primarily for MRO materials commerce. You can use a horizontal e-marketplace to purchase indirect products such as office equipment or stationery.

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Electronic Marketplace (E-marketplace)

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Interactive business providing central market space where buyers & suppliers can engage in E-commerce or other business activities.

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Vertical E-Marketplace

answer

provides online access to connect businesses and sellers vertically up and down every segment of a particular industry sector such as oil, gas, textiles, automotive, chemical, or construction.

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Covisint

answer

B2B Marketplace. Specific to the automotive industry. Connects buyer to seller. American information technology company established in 2000 by a consortium of organizations, including General Motors, Ford, and DaimlerChrysler.

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Business to Consumer

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Greatly varying customer demographics, lifestyles, wants & needs. Distinctions of products & services by convenience versus specialty. E-Commerce works best for commodity-like and digital products & Services. Mass Customization adds value in some instances.

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Business to Business

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Distinctions of products & services by maintenance, repair, & operations (MRO) materials versus direct materials. Demand aggregation & negotiation capabilities enhanced for businesses as customers (buyer power). E-marketplace connect buyers & sellers - horizontal e-marketplace (Primarily for MRO materials) and vertical e-marketplace (Specific to a Given Industry).

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Marketing

answer

Finding Customers and Establishing Relationships

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Marketing Mix

answer

business tools that an organization will use to pursue marketing objectives in reaching and attracting potential customers.

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Search Engines

answer

Used to find information, service and products. Google and Yahoo have a fee for sellers.

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Online Ads

answer

"Banner Ads" small advertisements that appear on other sites. Pop-ups included.

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Pop-up Ad

answer

Small Web page advertisements. online advertising on the World Wide Web intended to attract web traffic or capture email addresses

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Pop-Under Ad

answer

Pop-under ads are similar to pop-up ads, but the ad window appears hidden behind the main browser window rather than superimposed in front of it. You see it when you close your browser.

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Viral Marketing

answer

Users are encouraged to get their friends to join or use a site. Ex) Blue mountain Cards. When you send a card to someone, they have to go to the site to retrieve the card and hopefully send cards to others, too.

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Affiliate Program

answer

Arrangement between 2 e-commerce sites that directs viewers to each other like Amazon.com.

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Click-Through

answer

a way of measuring the success of an online advertising campaign for a particular website as well as the effectiveness of an email campaign by counting clicks on a specific link.

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Conversion Rate

answer

% of potential customers who visit your site who can be persuaded to buy something. If someone abandons purchases in a cart, they are reminded or offered free shipping.

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Relationships of B2B

answer

Characterized by trust. The goal is to use IT to streamline ordering and procurement processes to crea tight supply chain management systems and drive out costs.

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Business to Consumer x

answer

Design Marketing mix to drive potential customers to a Web site. Register with a search Engine Use online Ad, viral marketing, and affiliate programs. Conversion rates measure success.

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Business to Business x

answer

Business participate in E-markeplaces - business customers don't surf the we, so e-marketplace need your attention, not a broad & generic marketing mix. Formal establishment of business relationships based on trust and continuity required. Some Level of IT system integration between you and your customer required, Online negotiations for pricing, quality, specifications, and delivery timing.

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Financial Cybermediary

answer

PayPal An individual or organization who retains a fee for negotiating or conducting transactions over the Internet as a third party, where the cybermediary does not take possession of or own the goods or services.

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Electronic Check

answer

an electronic version of a paper check used to make payments online. Anyone with a checking account can pay by eCheck through CitePayUSA. Your bank routing number* Your bank account number* (typically a checking account)The name on your bank account*

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Electronic Bill Presentment and Payment

answer

EBPP system that sends bills

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Digital Wallet

answer

Software and information. Software provides security of transaction. Information is payment information.

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Electronic Data Exchange

answer

an electronic communication system that provides standards for exchanging data via any electronic means. electronic exchange of documents (such as purchase orders, invoices, shipping notices

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Value Added Network (VAN)

answer

B2B Service that offers information sharing intermediary service between organizations based on various standards.

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Encryption

answer

scrambles the contents of a file so you can't read it without having the right decryption key.

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Public Key Encryption (PKE)

answer

encryption system that uses two keys: public ey for everyone and private key for recipient.

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Secure Sockets Layer (SSL)

answer

a commonly-used protocol for managing the security of a message transmission on the Internet between Web Client and Web serve computer.

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Secure Electronic Transaction (SET)

answer

a system for ensuring the security of financial transactions on the Internet. It was supported initially by Mastercard, Visa, Microsoft, Netscape, and others.

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Crowdsourcing

answer

the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people and especially from the online community rather than from traditional employees or suppliers. Goldcorp

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Virtual Good

answer

non-physical object like music; digital seeds that bloom into flowers when you click on an email.

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Mobile Computing

answer

wireless mobile computer

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Mobile Commerce

answer

the ability to purchase goods and services through a wireless Internet-enabled device (smartphone, laptop, tablet PC)

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