Business Intelligence Or Business Analytics: Differences And What You Need?

Business Intelligence consists of sets of processes, methods, and technologies that are adapted to help transform or interpret or decode raw data into meaningful and useful information for business purposes. Business Intelligence handles large repositories of information that is critical to find, identify, and develop new business opportunities.

It is these fresh business opportunities and their flawless implementation that determine an effective strategy to provide competitive market advantage and long-term stability.

Elements and Components of Business Intelligence

1. Advanced Analytics
2. Data Sources
3. Data Warehousing
4. Quality Analytical Processing (QLAP)
5. Real-Time Business Intelligence

Business Intelligence tools include among the most prominent ones used today:

• Business and Data Analytics
• Predictive Analytics
• Cloud Technology.
• Mobile Business Intelligence
• Big Data Consultation
• Visual Analytics

Why Business Intelligence is Crucial and Invaluable to Businesses

• Aids business leaders to adapt data in meaningful and powerful ways.
• Enhanced and better leverage of data leads to a competitive advantage.
• Actionable data drives business-decisions with proactive reaction to market trends and externalities.
• Harness the power of data to drive business insights and transformations.
• Business Intelligence gives methods and tools to business leaders to effect change and lead organizations with fact-based decisions.
• Furthermore, BI institutes an evolved and holistic view of growth potential.

What is Business Analytics?

Business Analytics is the core process of interpreting all collected data, measuring business performance and drawing valuable conclusions that aid businesses make informed decisions on the future potential of the businesses and industry.  Business Analytics heavily relies on or uses various statistical methods and techniques such as predictive analysis.

Elements and Components of Business Analytics

1. Business Analytics Elements and Components
2. Data Aggregation
3. Data Mining
4. Association and Sequence Identification.
5. Text Mining
6. Forecasting
7. Descriptive, Predictive and Prescriptive Analytics
8. Optimization
9. Data Visualization.

Business Analytics tools among the most common and reliable used today like:

• Quality Analytical Processing (QLAP)
• Dashboards
• Visualization
• Reporting
• Data Mining

Why Business Analytics is Crucial to Businesses and Organizations

• Ensures businesses are updated in a highly volatile and consistently dynamic business atmosphere.
• Powered by vision, clarity, timeliness and competitiveness BA analytics furthers business presence and prominence.
• Enhances planned growth and expansion based on systematic income generation and expenditure that determine revenue outcome
• Increased operational capacity, productivity and efficiency with systematic business decision-making.
• Efficient and productive customer relationships with long term customer loyalty and trust.
• Expands business strategy while empowering step by step analytical progress and success.

8 Differences between Business Intelligence and Business Analytics

There are a few minor illustrated differences between business intelligence and business analytics. Yet, the fundamental fact is that both work in tandem to streamline and perfect business processes by availing error-free actionable information. Among others these include:

1. Business Analytics is a more niche, vertical and industry-specific variable that strives to gain a higher and better competitive advantage with strong business insight and analysis. Business Intelligence looks at both sustained competitive advantage with a cross-industry perspective approach to gain insight for potential business opportunity action.
2. Business Intelligence solutions are optimized for businesses and organizations that are satisfied with their business models and desire to improve further their operations, increase efficiency and meet their business goals with the lasting transformation (legacy-defining) at an all-round macro-level. Business Analytics infuses predictive analytics to solve business or organizational related challenges before they happen.
3. Whereas there are macro elements of approach in both Business Analytics and Business Intelligence, Business Intelligence applies wide- reach action plans with consistent follow-through processes. Business Analytics strives to expand the limited scope and focus on niches and verticals to examining the business potential and opportunity out there at a macro-level.
4. Business Analytics and Business Intelligence collect and analyze varied data by adapting predictive analytics that helps generate visual overview reports. These reports are vital in finding solutions for profitable business undertakings shortcomings, availing quality opportunities and strengthening overall business strategy.
5. Business Analytics and Business Intelligence use these approaches slightly at variance yet retain similar intentions and purposes of impacting business performance through valuable decision-making.
6. Business Intelligence and Business Analytics are quite similar in outlook and purpose. Yet as Business Analytics, on the one hand, sits at the core narrative of Business Intelligence. Business Intelligence, is at the enhanced macro-level emphasis which brings in a minor difference. The minor difference lies in the minor process and tactical elements used for valuable actionable information and focusing on the step by step process that leads up to concrete and solid decision making.
7. Business Intelligence focuses on descriptive analytics with an insight into a summary of historical and present data that clearly captures what has happened or what is currently happening. Business Analytics, however, on the other hand, favors predictive analytics, which applies data mining, modeling, and machine learning to know the potential of future outcomes.
8. Business Intelligence enables organizations to follow real-time data and identify present challenges and opportunities. Business Analytics helps anticipate future developments before they happen and make the necessary changes to succeed in business.

BI Versus BA: Which One Do You Need for the Business or Organization?

The start of business intelligence goes way back to the1980's when Howard Dresner coined the term to mean the emerging IT-driven technologies that were gaining significance and prominence.

Business analytics has gained visibility, popularity and prominence in recent years of information technology-driven business decision making.

Often there is a mix up on what exactly business intelligence and business analytics mean and where one starts and the other starts.

However, its quite clear that Business Analytics sometimes is interchangeably used referring to Business Intelligence. Businesses may inadvertently access both as the reigns separating BI and BA get downed in the pursuit of similar goals - better business decision making based on fundamental research and conclusion.

Summary

Business Intelligence (BI) and Business Analytics (BA) help further the capability and potential of businesses generated through critical study and decoding of varied data modes. This means at almost all levels there is a seamless yet digital convergence of BI and BA pursuing informed business excellence.

So, if you still have any doubt and have interest in BI and Analytics Services then you just need to connect with us on info@vertexplus.com