The development of information technologies is one of the most important factors in the current development of the civilization and technical progress of the 21st century. In modern knowledge-based economies, information services, Internet and modern information technologies based on advanced information processing are developing dynamically in the most economically developed countries. Currently, the development of knowledge led to the fourth technological revolution known as Industry 4.0.
The current technological revolution Industry 4.0 is determined by the development of the following technologies of advanced information processing: Big Data database technologies, cloud computing, machine learning, Internet of Things, artificial intelligence, Business Intelligence and other advanced data mining technologies and other information technologies.
In my opinion, analytics based on information processing collected in Big Data database systems will be used for research and analysis of determinants of current economic processes, for risk management and for forecasting economic processes.
Currently, business analytics uses computerized platforms containing ready-made reporting formulas in the field of Business Intelligence. In recent years, software companies supporting enterprise management offer advanced applications of information-analytical Business Intelligence class systems consisting of modular development of these systems and combining business intelligence software with platforms that use data warehouse technology, multi-dimensional analytical processing software and data mining and processing applications. This article describes an example of this type of computerized analytical platform for business entities, which is included in analytical applications that allow quick access to necessary, aggregated and multi-criteria processed information. The software allows entrepreneurs and corporate managers as well as entities from the SME sector on the one hand to use embedded patterns of reports or analyzes, and on the other hand to self-develop and configure analyzes carried out, tailored to the specifics of a specific entity. Such analytical applications make it possible to build integrated risk management systems in the organization.
Do you agree with my opinion?
Please reply
This issue is described in the following publication:
Article APPLICATION OF DATA BASE SYSTEMS BIG DATA AND BUSINESS INTEL...
I invite you to the discussion
Best wishes
Dr Dariusz Prokopowicz , I fully agree with your arguments.
In this sentence is foundation of my opinion:
In my opinion, analytics based on information processing collected in Big Data database systems will be used for research and analysis of determinants of current economic processes, for risk management and for forecasting economic processes.
I think answer is no as at any time government policy may change so nothing can be predicted
Now roots in expertise and branches in heuristics are needed for risk management by applying effectuation
I strongly agree with Tatjana Atanasijevic. Business analysis and information technology are significant for risk management process as both needed in terms information for evaluation and monitoring etc..
Since the risk management is related to the principles, framework and process (all together) for managing risks effectively, So the need for Business Analytics will be vital....and since the risk management is related to the SWOT analysis, so the IT and ICT will be the effective tools for the organization in order to support the analyses of External and Internal environment throughout the Information Systems.
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