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In today’s changing world, Business Intelligence has made a significant impact on every sector of the business industry, whether it is a sector of retail, manufacturing, banking, healthcare etc., every sector is relying on BI and BI tools. Data driven patterns have given new resources and competitive advantages of business through the integration of data in everyday operations and strategic business decisions. Growth in Big Data and Development Organization are capable of gathering both business intelligence and business analytics. But the question is how BI is different from Analytics. What does this business analytics mean?
Below we will discuss some topics that clear the gap between Business Intelligence and Business Analytics.
What is Business Intelligence (BI)?
The business intelligence system is used to maintain, adapt, track and streamline the current operations. BI not only improves or maintains operational efficiency, but also helps in improving professional organizational productivity.
Business Intelligence works as a powerful tool for reporting and data analysis capabilities which helps in decision making and leveraging a wide range of latest tools and methods. Category involves in BI is data analytics, data mining and big data.
By research of advance BI tools users can generate reports and visualizations all by themselves, without relying on IT staff.
Business Intelligence Architecture
A Business Intelligence Architecture is a framework for organizing data, information management and technology components, which are used to create Business Intelligence systems for reporting and data analytics. Built-in BI architecture plays an important role in business intelligence because it affects development and implementation decisions.
What are Business Analytics (BA)?
Similarly, like Business Intelligence, Business Analytics collects and analyses the data, employs predictive analytics, generate rich format visualized report this helps organizations to identify weak points. Business Analytics tools used to explore and analyse historical and current data. Statistical analysis, data mining and quantitative analysis are a part of Business Analytics to identify past, present and future activity of business.
Choosing between Business Intelligence and Business Analytics
Difference between Business Intelligence vs Business Analytics is clear:
- Business Intelligences user, past and current data to optimize the present for current success.
- Business Analytics uses past and analyse the present to prepare businesses for the future.
So, lets discuss the method how to choose them
- Business intelligence will be an optimal solution if you have planned and satisfied your business model and want to improve operations, increase efficiency and meet organizational goals.
- If you like to change your business model and need to plan for the starting point, then business analytics can be the best option.
Business Intelligence and Business analytics gets Business Success
So far, we have understood the purpose of BI and BA. BI focuses on the current situation and BA is focused on the future situation. Both work different approaches, but if we combine two, then the present and future business goals can improve.
How Does This Apply to Business?
Before you apply BI or BA in your business, you have to first notice which factor is the reason for your business success or failure. It is such that you are predicting the future in your market and are working accordingly. It is important to note that before knowing the causality, you need to know how it relates to something.
There is a high demand for business intelligence and business analysis professionals by organizations to achieve insights and strategies to achieve organizational goals. Business Intelligence has become a top priority for enterprise business. More organizations use analysis to tap real-time data benefits to real-time decision-making.
From the above post, it is clear that Business Intelligence and Business Analytics are essential components to effectively manage company information. These two components have similarities, but they have to be used specifically for purpose. Both BI and BA are focusing on increasing business productivity and making reasonable decisions. Therefore, considering the status of the business, make appropriate strategies and plans to choose among these two components.
Abhishek is working as a Web Graphics Designer at EzDataMunch. He is involved in Maintaining and enhancing websites by adding and improving the design and interactive features, optimizing the web architectures for navigability & accessibility and ensuring the website and databases are being backed up. Also involved in marketing activities for brand promotion.