BI and big data Definitions

  • O

    outcome economy

    Outcome economy describes an economy based on the marketing, pricing and selling of the results provided by goods and services rather than their face value.

  • P

    prescriptive analytics

    Prescriptive analytics is a type of business analytics that focuses on finding the best course of action for a given situation, and belongs to a portfolio of analytic capabilities that include descriptive and predictive analytics.

  • Q

    qualitative data

    Qualitative data is information that cannot be counted, measured or easily expressed using numbers. It is collected from text, audio and images and shared through data visualization tools, such as word clouds, concept maps, graph databases, timelines and infographics.

  • S

    smart machines

    A smart machine is a device embedded with machine-to-machine (M2M) and/or cognitive computing technologies such as artificial intelligence (AI), machine learning or deep learning, all of which it uses to reason, problem-solve, make decisions and even, ultimately, take action.

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