A New Data Fusion Framework of Business Intellience and Analytics in Economy, Finance and Management

With the development of information technology, business intelligence and analytics (BI & A) has been applied in more and more fields. On the one hand, emerging application scenarios continue to appear; on the other hand, a huge number of multi-source heterogeneous data can be stored, greatly increasing the demand for data fusion, which requires a broader meaning. Traditional information fusion is mainly used in engineering fields. Based on the WSR systems methodology and the relative research, a new data fusion research framework of BI & A mainly used in economy, finance and management was constructed, which includes three fusion levels: data level, information level and knowledge level. At the data level, data can be selected from three dimensions to extract and construct understandable feature information. At the information level, multiple methods combined with domain knowledge are integrated to construct models and mine knowledge. At the knowledge level, low-level knowledge, expert opinions, decision-makers experience and other factors are fused to infer and summarize deeper knowledge and provide support for decision-making. The proposed data fusion framework of BI & A shows the important role in the whole business intelligence process, and some applications of data fusion in economy, finance and management were listed in the paper.