From Big Data to Smart Data

Glossary

BI: Business Intelligence, the set of tools and structures related to the management and the use of data for operational or analytical (decision-making) purposes.

Big Data: “Raw” data of any type, which by definition exceeds the “normal” capacity of a business’ data management (mostly due to the volume, velocity, variety, etc., of the data).

BICC: Business Intelligence Competency Center, an organization concerned with managing and distributing data within a business as well as BI projects.

Bid Price: Also known as the “price floor”, that is the minimum revenue expected for an offer/service (used as a price limit, under which offers will not be available for sale).

Bit: Elementary computer unit representing binary information (0 or 1).

Byte: A set of eight bits, which enables information to be coded.

Data: The raw material, the element at the basis of the information cycle.

DataMART: Decision-making subject-oriented database (i.e. specialized for a certain domain, e.g. a “client” DataMART would be a decision-making database, specially designed to manage relationships with the client).

Data Warehouse: Decision-making data base containing the totality of a business’ decision-making data (all subjects).

EIS: Executive Information System.

EDA: Event-driven architecture (the architecture of the information system and its urbanization that follows a model for managing and processing information according to events).

ETL: Extract Transform Load, tools and processes for data processing. ...