Business intelligence (BI) is a collection of strategies and technologies that enable companies to make informed business decisions. It encompasses data visualization software, dashboard tools, enterprise-level reporting, infrastructure and best practices to turn raw information into useful and understandable insights. BI tools help organizations collect, store, analyze, and present data from internal and external sources. These insights are then used to improve business processes and strategies, boost revenue, and increase profit.

While it may sound like a buzzword, business intelligence is hardly a new technology. In fact, its roots stretch back to the 1860s. However, the modern term dates from 1989, when consultant Howard Dresner coined it as an umbrella phrase for the methods and architectures of analytics systems to support decision-making.

A key function of business intelligence is to spot and highlight patterns and trends in a given market that could impact current or future business strategy. This can be done by gathering and analyzing data from internal sources, as well as using public information or field reports.

The data can be presented in the form of charts and graphs to help users identify issues and opportunities. It is also possible to mash up data from different sources and combine it for deeper analysis and more complete insights. For example, an airline might use BI to monitor flight capacity and occupancy rates for its airports, while a hotel might combine booking and guest feedback to improve customer service.

Traditionally, the responsibility for collecting, storing, and analyzing business data has fallen to IT teams. The IT department would extract, clean and structure the data before putting it into a database where business users can access and query it. This is called data preparation and can be a very time-consuming process. BI solutions automate this and streamline the whole process.

In addition, BI platforms enable users to create their own data and dashboards. This self-service functionality is becoming increasingly important as BI adoption expands to include users across all departments. However, it is important that BI users are equipped with the skills and knowledge to extract value from the data they are using. This is why many BI vendors are now taking a proactive approach to improving data literacy with initiatives such as the Qlik-led Data Literacy Project.

Businesses rely on business intelligence to support functions as diverse as hiring efforts, compliance issues, production and marketing. As a result, the demand for BI professionals is high.

To be successful in this field, it is important to have a background in business or IT, as well as a good understanding of data visualization, SQL and programming skills. Additional qualifications include an analytical mindset and strong problem-solving abilities. With the growth of the BI space, a wide range of career paths are now available. This includes the roles of business analysts, software developers and project managers. This is a great career choice for people who want to use their skills and passion to bring valuable insight into the way companies operate.

Data science is a domain that deals with vast volumes of data using modern tools and techniques to find unseen patterns, derive meaningful information, and make business decisions. It uses complex machine learning algorithms to build predictive models and requires a deep understanding of the functioning of databases, as well as of programming languages like Python.

While a common misconception is that you need a science or math Ph.D to become a data scientist, that’s not entirely true. There are plenty of multidisciplinary data scientists out there who are able to combine a strong foundation in statistics, programming, and business, along with advanced skills in data visualization, machine learning, and other specialized disciplines.

The first step in data science is to gather structured and unstructured data from multiple disparate sources—enterprise systems, public domain data, and more. It’s important to recognize that raw data can be messy and chaotic, with mismatched or missing records, inconsistent formats, and more. This process is known as “data munging,” and it requires a good pattern-recognition sense and clever hacking skills to transform masses of database-level information into a form that’s ready for analysis.

From here, data scientists use a variety of methods to find new insights and opportunities in the data. Predictive analytics forecasts what will happen based on existing patterns in the data, while descriptive analytics examines the underlying factors that influence those outcomes. Advanced methodologies include ML algorithms, recommendation engines, neural networks, and simulation.

Lastly, data scientists often need to communicate their findings to non-technical audiences. This includes creating narratives about the problem and its solution, supporting them with data insights. The Oakland Athletics’ general manager in the movie Moneyball, for example, used data on player performance that other teams overlooked to assemble a successful team despite a limited budget.

Data science is a rapidly growing field that has applications in nearly every industry. Companies from Amazon to Google use it to predict customer behavior and identify new products or services they could offer. It’s also been used to improve customer service by identifying patterns in customer complaints and satisfaction surveys.

If you’re interested in becoming a data scientist, a comprehensive program like Great Learning’s Postgraduate Diploma in Data Science can give you the skills and knowledge you need to succeed. The program is developed in partnership with top-ranked universities, including MIT and Northwestern University. It teaches you the latest tools and techniques for working with big data, helping you build real-world applications through hands-on projects and case studies. Learn more about the program today.

Robotics is the science of designing, manufacturing and using robots. It is used in many industries, including medical, military and manufacturing. In manufacturing, robotics allows factories to increase production while reducing costs and improving quality. Some robots are completely autonomous and others require a human to give continuous commands. Some of the latest robots can perform tasks that were once thought impossible, such as welding metal and painting cars. Robotics is a broad field, and research is ongoing in many areas, including new types of robots, alternative ways to design and build them, and the use of artificial intelligence in them.

Industrial robots are most well-known for their ability to streamline production and increase the speed at which products can be manufactured. They can also help a company maintain a higher level of product consistency, which leads to greater customer satisfaction and a more steady flow of revenue.

In addition to their heightened efficiency, robotics can provide safety benefits in the workplace. Heavy machinery, high-temperature workspaces and sharp objects can easily injure a human, but robots are able to handle these hazards without fear of harming anyone. This can prevent expensive workers’ compensation claims and reduce the number of staff members needed in certain dangerous environments.

Some of the most interesting uses of robotics are found in the healthcare industry, with robots being used to perform surgery and aid in physical therapy. Some are even able to detect cancerous cells in patients’ bodies. Robotics has also been used in disaster relief efforts to rescue survivors of natural catastrophes and assist in military operations by detecting landmines in war zones.

A robot has two important components: hardware and software. The hardware includes the mechanical construction of the robot and the electrical components, while the software is what tells the robot when to perform a task. For example, a robot with the correct mechanical construction and a powered battery would be useless without the right program to make it move. This programming code is usually stored on a computer or mobile device, and is what controls the robot’s movements.

Another key component of a robot is its sensors, which are used to measure various aspects of the environment or internal components of the machine. Robots with these sensors can then monitor performance and notify staff if maintenance is needed before more serious problems occur (also known as predictive maintenance). This can improve the overall effectiveness of robotics in a production environment.

Despite the fears of some, robotics does not replace humans in the workplace. Instead, it helps companies create new roles that were previously unobtainable, such as ensuring the automation is up to date and running smoothly. Paradigm Electronics in Canada, for example, increased productivity by 50 percent with the assistance of cobots, and not a single employee was laid off. The extra work created by these machines includes the need for engineers, software developers and other specialists who can manage the robots and carry out quality control at the end of an automated production process.