OLAP systems typically store data in a multidimensional format, which allows users to slice and dice the data to see different relationships and trends.

The information-action value chain is a framework that helps organizations understand how information can be used to create value. It basically consists of three parts, namely before the methods, the methods and after the methods.

Prescriptive Analytics helps explicitly link analysis to decision making by making recommendations on what we should do or what choice we should make to achieve a certain outcome. This analytical method involves integration of numerical optimisation techniques with business rules and even financial models.

Exploratory Data Analysis (EDA) is a statistical method that helps you understand your data by summarizing its most important features.

Visualization and dashboarding are two related concepts that are used to communicate data to audiences & stakeholders in a way that is easy to understand.

Data Lakes are a centralised repository of raw data & has the ability to store structured, semi-structured and unstructured data from various sources including databases, social media and sensors. Data lakes are frequently used to store data for future study, such as machine learning and AI.

Descriptive Analytics helps us describe what things look like or what happened in the past. It can take forms of simple aggregations or cross tabulations data.

Predictive Analytics helps us take what we know about what happened in the past, & use that information to help us predict what will happen in the future. This analytical method involved application of advanced statistical methods or other numeric techniques such as linear regression or logistic regression.

Online transaction processing (OLTP) is a type of database system used in transaction-oriented applications, such as many operational systems. “Online” refers to that such systems are expected to respond to user requests and process them in real-time.