Author: Ali Soofastaei
Volume: 11
No: 3
Date: September 2017
Pages: 20-22
Big data, global connectivity and pervasive real-time analytics are changing the way that companies manage their business. Today, the general goal of most business intelligence systems is to access data from a variety of different sources; transform that data into information, and then into knowledge; and provide an easy-to-use, graphical interface to display this knowledge. In other words, a business intelligence system is responsible for collecting, digesting and presenting data in a friendly way.
Many mining companies assume that knowledge is the final objective – after all, knowledge is an essential component of any decision-making process – but it is important that businesses understand that knowledge is no longer enough for making decisions in today’s competitive global market. A mining company may ‘know’ a lot about the operation and maintenance systems — it may have thousands of graphs, tables and charts – but management may still be insecure about making a decision! And this is the difference between ‘decision support’ and ‘decision-making’. The saying goes: ‘All the knowledge in the world will not guarantee the right or best decision’. More knowledge is equal to more confidence, but it does not improve the accuracy of decisions.
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Soofastaei-Publications (SP) is a newly founded global publisher that produces specialized and high-quality books and e-books and holds world-class conferences and webinars.
This organization is a part of Soofastaei Institute, which provides technical business solutions, publications, and educational services in advanced analytics and AI in various industries.
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