 In terms of organizational setting and structure, we have organizational

mission, business goals, business strategies, and business tactics.

 Because of information overload, we need to know about the correct
research methodologies. There is a lot of information out there that can
be collected, but do we need that? It is important to make sure what
specific information we need in the market. This is the starting point;
even before we come up with a research idea, we need to narrow it down.

What are the major sources of business intelligence in today’s world? If we think
about the business intelligence as the accumulated knowledge of the company
where the companies get knowledge from, there might be several sources:
 Regulatory environment /government
 Competition (analysing the competitive environment)
 Economic environment
 Demography
 Cultural environment

Government/regulatory environment might include different speeches from

elected officials, which have an immediate impact on the business activities such
as on stock prices of the businesses, press releases, agency websites or official
websites where the regulations can be found.

 Cultural & Social sources of the business intelligence are most central
because it is important for the business to understand its customers. All
demographic information, all information about changing social and
cultural constructions, so all information that you need about the
customers comes from the social and cultural environment.

 Every strategic and tactical decision that we are making in business start
with information. Data analytics is dealing with already existing data set.
Research is basically a prerequisite or a starting point for data analytics
process. Business research process is a systematic inquiry that provides
information to make decisions. Data analytics helps you to put that data
into certain form (statistical visualization) in order to understand the
overall picture.

 Science is the advancement of knowledge of a certain phenomena we

know. Basically it is the blend of logic and imagination.

 What are the basic concepts that can be used to look for the truth?

(1) Intuition (knowing without reasoning). The major problem here is

that you have no reliable mechanism for separating accurate
information from inaccurate knowledge. You are biased on your past
experience.
(2)Authority (one of the major problem is you are only referring to the
facts that are stated from a respected source. That is when you are
referring to a single source that is confirming your initial view or
 intuition. The second problem is that you don’t consider the criticisms
of this view; you need to have critical perspective.
(3)Rationalism (knowledge from reasoning). The problem here is that
relying solely on rational approach may lead two people to reach
different conclusions about the same topic because the way of logical
thinking is very subjective.
(4)Scientific explanation (knowledge we get from experience, which
might include the observation used to gather data, facts that concur
with experience). But here as well there is a problem of researcher
bias.

 The right way of scientific method: (1) observing phenomena, (2) finding
explanation, (3) further observation, (4) refining & retesting explanation.
 The result of scientific inquiry in both business research and academic
research has to be empirical (based on systematic and objective
observation), rational (logical and consistent with known facts; it has to
build upon the existing knowledge and it cannot be based upon irrational
new theories), testable (verifiable through observation and can be
disproved; you have to have evidence), tentative (subject to change; it
has to leave the space for future research and to recognize its limitations;
it is impossible to cover the entire area; so the research is subject to
change over time).