Business Intelligence (BI): the process of analysing and reporting historical business data after reports and dashboards have been prepared. They can be used to make an informed strategic and technical business decisions by end users such as the general manager.
Business Intelligence aims to explain past events using business data. Business intelligence is the preliminary step of predictive analytics. You must analyze past data and extract userful insights using these inferences will allow you to create appropriate models that could predict the future of your business accurately.
Preliminary data report is the first step of any data analysis. It can also be considered as data science.
Reporting with visuals and Creating Dashboards need to be in the Business Intelligence.
Machine learning: The ability of machines to predict outcomes without being explicitly programmed to do so is regarded as machine learning. Expanding on this is about creating and implementing algorithms that let machines receive data and use this data to make predictions analyze patterns and give recommendations on their own machine learning.
Applying machine learning tools to the context of business intelligence.
Artificial Intelligence: Simulating human knowledge and decision making with computers.
As the data scientists we are interested in how tools from machine learning can help us improve the accuracy of our estimations.
ML helps develop models that predict what a client’s next purchase would be. For example, since we could say data analytics and data science are applied in client retention and acquisition as well.
Fraud prevention need to be in the machine learning algorithm with prior fraudulent activity data. It will find patterns which the human brain is incapable of seeing. Having a model which can detect such transactions or operations in real time it has helped the financial system prevent a huge amount of fraudulent activity.
Speech and image recognition are among the most popular examples as they are already being implemented in products.
Symbolic reasoning is based on the high level human readable representations of problems and logic. It only belongs to AI. It was once a trend in the past when people were trying to ceate human like intelligence today though machine learning is the only form of general artificial intelligence that is being applied and symbolic AI is rarely encountered let alone practiced.
Advanced analytics: It is rather a marketing term coming from people who want to say that the type of analytics they are dealing with is not easy to handle.
