- Business Intelligence vs Business Analytics – Which One Is Better
- Business Intelligence vs Business analytics
- Introduction to Business Analytics
- Business Intelligence vs. Business Analytics: What’s The Difference?
- Business Intelligence
- Defining Business Intelligence and Business Analytics
- How to Approach Business Intelligence and Business Analytics
Organizations have in their possession mass amounts of data that is often scattered across the entire business.
Business Intelligence vs Business Analytics – Which One Is Better
Once this data is centralized, the full picture can be realized and the data be leveraged to gain insights on past performance as well as future opportunities. Business intelligence and business analytics are two common terms that are used today to describe the analysis and measurement of business data.
While these terms are commonly used across businesses, it can be unclear as to what they really mean. What is the difference between business intelligence and business analytics?
And how do they apply to business? Technology terms continue to change and evolve with new trends, and new ways of doing business.
Business Intelligence vs Business analytics
However, there are distinctions that help classify the two. Business intelligence is the process for acquiring, storing, retrieving and interpreting data to stay informed of how the business is operating, and how it compares to how it operated in the past.
Business intelligence helps a company make better decisions by understanding what happened, and how it happened. It guides business planning and execution by providing insights and reporting into the status of key business metrics and how they are progressing.
Introduction to Business Analytics
Business analytics is the process for taking data and using tools and technologies to explore how it will change in the future, the impact it will have on business, and what the business can do to make these changes. It helps a company better prepare for the future, and thus capitalize on new opportunities that deliver competitive advantages.
For instance, business intelligence has been considered a fairly broad concept; it has been used by many to refer to processes around business data aggregation and measurement in general. But now it is becoming increasingly popular to use the term business analytics, or just plain analytics, to refer to business intelligence concepts — in other words, to make business analytics the umbrella term.
But understanding the context in which these terms are used, as well as their fundamental meanings, will help prevent any confusion.
Business Intelligence vs. Business Analytics: What’s The Difference?
With a clear understanding of business data, and by receiving executive buy-in on the data points outlined, you will be able to produce a common guideline across the company for assessing and evaluating business activities. With this roadmap, everyone will be on the same page. Business leadership can then leverage the insights that the data provides and develop productive business strategies and plans for execution.
The second crucial piece of business intelligence and business analytics is trusting your data. An agile and robust data management system that provides easy-to-understand data visuals and reporting capabilities is an essential component in building data trust.
If your team trusts the system, they will trust the data it delivers. But finding the right system can be a daunting task — with so many different data management systems out there, which one is best for your business?
We help our customers identify the data that their business needs, and then develop and deploy a user-friendly data management system that meets your requirements, and scales with business growth. Our team of experts is more than happy to discuss with you how your organization can leverage these concepts for greater business insight and success. Articles Business Intelligence. Defining Business Intelligence and Business Analytics Technology terms continue to change and evolve with new trends, and new ways of doing business.
Business Intelligence Business Analytics Using data to help run the business — making decisions. Using data to help drive business change — asking questions.
Historical data analysis — tells you what happened. Statistical and trend analysis — tells you what is going to happen. Learn about the state of the business from the data you collect.
Defining Business Intelligence and Business Analytics
Learn what will happen to the business by forecasting from the data you collect. Improves current strategy with knowledge of past results.
Improves strategy for moving forward with predictive analysis. Identify current problems and determine how to resolve them. Identify potential issues and determine how to avoid them.
How to Approach Business Intelligence and Business Analytics
About the Author Chris Sorensen. Related Content.
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