Business Intelligence and Analytics

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Business Intelligence and analytics! What exactly they are? And, what is the difference between Business Intelligence and Business Analytics? You are must having questions in your mind right now about this. So don’t be confused. Let me inform you, that not only you, but many experts also can’t agreement either in this topic!

So, here I’ll try to guide you a little about Business Intelligence and Analytics.

What is Business Intelligence and Analytics

In short answer:

Business Intelligence (BI) – It is like something that happened in the previous days and how the situation occurred leading up to the present moment. It tells you bigger trends, & also patterns. While keep it in mind, that it neither explain in detail about why’s or nor it does predict the future.

Business Analytics (BA) – It explains the reason for what happened in the past. It tells you about the contributing factors and causality.  It also uses the why’s, to make a prediction of the future, i.e. what’s going to happen in the future.

What is Business Intelligence and Analytics,Business Intelligence and Analytics

            Now let’s go deeper. Business intelligence and analytics are some solutions that manage and collect historical and present information of businesses, organizations, and partnerships. It delivers insights for making future choices easily by using statistics and applications to analyze raw information

      Let’s explain in more detail:    Though both the terms states about business operations and helps to make a decision for future, but they are different in terms of what do they provide, and also how do they work.

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To say it clearly, the major differences between Business Intelligence and Analytics boils down in the below factors: –

  1. What direction in time are we facing; the past or the future?
  2.  Are we concerned with what happened, how it happened, or why it happened?
            So, here are the simplified definitions of business intelligence and business analytics.

            Business Intelligence (BI) – It is like something that happened in the previous days and how the situation occurred leading up to the present moment. It tells you bigger trends, & also patterns. While keep it in mind, that it neither explain in detail about why’s or nor it does predict the future.

Business Analytics (BA) – It explains the reason for what happened in the past. It tells you about the contributing factors and causality.  It also uses the why’s, to make a prediction of the future, i.e. what’s going to happen in the future.

Tools / Solutions for Business Intelligence and Analytics

        Recently nearly all the organizations want to manage workloads. They want to stay ahead with their competitive industries, and also want to maintain profitability. Thus they may need to use some tools on Business Intelligence and Analytics. For Business Intelligence and Business Analytics, there are lots of tools available online for which provide solutions for Data Management.

            Now, as many people often ask, and you also might be curious about what are the differences between business intelligence tools vs. business analytics tools?

Tools for Business Intelligence and Analytics,Business Intelligence and Analytics

            If you want to manage your data with the most valuable data management tools, then you must consider Business Intelligence Solutions. Its because it analyzes recent data and provides insights for improving business opportunities.

            Furthermore, business intelligence tools analyze financial and operational statistics, identify weak areas and supply ways to fix these issues.  The trends found through information analysis help businesses make better-informed, data conclusions.  Other common BI attributes include information visualizations, decision solutions, integration and online analytical processing (OLAP).

            Business analytics software is very closely related to the business intelligence category. But like Business Intelligence (BI), it is basically used to analyze historical data, to predict the business trends.

When you need Business Intelligence Solution:

  • If you are looking for ways to understand your business operations better?
  • Do you want to discover pain points in your workflows?
  • Do you want to analyze big data sets to draw valuable insights?
  • If so, then you must need a business intelligence solution.
Here are some benefits of using Business intelligence Solutions
  • Improves and maintains operational efficiency
  • Helps companies increase organizational productivity
  • Offers many benefits, including powerful reporting and data analytics capabilities

Rich data visualization mechanisms like real-time dashboards, managers can generate intuitive, readable reports that contain relevant, actionable data

Choosing Between Business Intelligence and Business Analytics:

Companies & Organizations are thinking that data and content should not be considered separate aspects of information management but instead managed in an integrated enterprise approach.

Intelligence and Business Analytics,Choosing Between Business Intelligence and Business Analytics

The main difference between these two is – To optimize the present, and improve it & to make success – Business Intelligence uses data from previous days or past data and also current data , Business Analytics uses the past data and analyzes the present to prepare organizations & companies for the future.

So, now what should you choose between Business Intelligence and Business Analytics, depends on the factors below.

Think carefully about your Needs

            Mostly, business intelligence vendors targets enterprises, but now there is a fundamental change in Business Intelligence is moving towards small businesses and mid-sized organizations. Self-service Business Intelligence(BI) is a major focus of these smaller companies.

            Self-service business intelligence (SSBI) is an approach in data analysis that enables anybody to access and work with corporate data even though they do not belong to analytics background or they do not have any knowledge in data science. It typically features a more user-friendly User Interface and doesn’t involve coding. Thus anybody can operate it.

Choose with Intention

            You must have to choose the solution with your intention. If you want to increase more efficiency, and improve operations, and achieve your business goal then Business Intelligence may be the best & perfect solution for you.

Choose with Intention,Business Intelligence and Analytics

            On the other hand, if you think to change your business processes — or even your entire business model — but you don’t yet have the necessary insights, then, Business Analytics might be the best option for you.

Compare Top Business Analytics Software Leaders

If your business is new (or just launched) or in the midst of significant changes, business analytics software is perfect for your needs. With the previous (historical) data and current data, and trends, Business Analytics solutions help your business to make the right changes.

Compare Top Business Analytics Software Leaders,Business Intelligence and Analytics

            When you want to analyze your company, then Business Analytics is the best solution for you. It provides optimization of performance, and business trends prediction.

            If you are comparing business analytics vs business intelligence, It may feel hard to select the correct system, but not to worry. There are simple techniques to ascertain the ideal choice, and they are down to what you prioritize in your decision-making process: current developments or future preparation.  Most companies need a combination of present success and future prep.  Alone or together, business analytics and business intelligence solutions can help you take your business where you would like it to go.

Some other terms

Reporting Vs Analytics

Reporting is “the process of organizing data into informational summaries in order to monitor how different areas of a business are performing.” It gathers data and delivers it in a digestible format. Analytics is “the procedure for analyzing reports and data so as to extract significant insights, that may be utilized to better understand and enhance business performance.” 

Reporting Vs Analytics,Business Intelligence and Analytics

This function chooses the”what” of this information provided by reporting and brings insights and conclusions, giving customers a “why” and “how.”  Fundamentally, reporting serves existing information, and analytics attributes interpret information.  Both are critical features and will normally be provided by either BA and BI solutions.

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