THE DESIGN AND IMPLEMENTATION OF THE BUSINESS ANALYTICS FRAMEWORK

Abstract

The purpose of this paper is to analyse Data, Information, and Actionable Information. Data means raw facts and figures. Data is meaningless unless it is processed into Information. When Data is processed through Data Analytics which consists of several stages, we obtain Information. Data is one thing and Information is another thing. Unfortunately, Data is being used interchangeably with Information by the vast majority of so-called PhD holders and Professors of the Academia. This is a sad reality and the whole Academic Literature on Data Analytics is erroneous! When Information is contextualized and interpreted through Information Analytics, we obtain Actionable Information. Information is one thing and Actionable Information is another thing. Actionable Information is used in decision making. Now, the combination of Data Analytics and Information Analytics is known as Business Analytics. Once again, the definition of Business Analytics in the Academic Literature is erroneous! PhD holders and Professors of the Academia are using the term Business Analytics interchangeably with Data Analytics and Information Analytics. This is evidence of poor scholarship. For that reason, this paper will not rely on the Academic Literature which leaves much to be desired, but rather concentrate on practical and factual methodologies such as Data Analytics Lifecycle, Categories of Information, Storage of Information, Information Analytics, and Actionable Information.