Big Data, Big Innovation: Enabling Competitive Differentiation through Business Analytics

Glossary

Advanced Analytics

A subset of analytical techniques that, among other things, often uses statistical methods to identify and quantify the influence and significant of relationships between items of interest, group similar items together, create predictions, and identify mathematical optimal or near-optimal answers to business problems.

Agent-based Modeling

A computationally driven modeling approach that simulates the local interactions of autonomous agents with the goal of monitoring global outcomes.

Aggregation

A process by which variables are summed based on a classification or temporal hierarchy. Common examples include totaling all sales for a given time period or geographic region.

Algorithm

A finite series of well-defined steps that achieve a desired outcome. These steps may be deterministic or include random or probabilistic elements.

Analytics

A data-driven process that creates insight. These processes incorporate a wide variety of techniques and may include manual analysis, reporting, predictive models, time series models, or optimization models.

Analytics Platform

A technology platform that provides standardized tools, an ability to collaborate, and the ability to migrate insight into operational processes.

Assets

Items of economic value created by a team through the application of competencies and tools. Within a business analytics context they are normally intangible in nature and often include models, processes, and electronic documentation.

Big Data ...