Business intelligence (BI) leverages software and services to transform data into actionable insights that inform and drive an organisation’s business decisions. BI tools access and analyse data sets and present analytical findings in the form of reports, summaries, dashboards, etc.
Business analytics refers to the process of technologies and strategies used to continue exploring and to extract the insights and performance from the past business information to drive successful future business planning.
There is a difference in Business intelligence as well Business analytics, generally, most people get confused that these two terms stand the same meaning in terms of business, but they are entirely different.
|Parameter||Business Intelligence||Business Analytics|
|Usages||Run current business operations||Change business operations and improve productivity|
|Ease of Operations||For current business operations||For future business operations|
|Tools||Power BI, Tableau||Google docs, MS office tools|
|Applications||Applies to all large scale companies to run current operations||Applies to companies where future growth and productivity is its goal|
|Fields||Comes under business analytics||Contains Data Warehouse Information management etc.|
BI tools can help companies and organisations to achieve business goals by taking strategic decisions.BI can help businesses to improve their competitive edge with the effective use of data into actionable insights/ information. BI solutions can make data accessible to the authorised user and allow them to interact with competitive intelligence from one secure, centrally managed data warehouse.
BI software can be used to obtain market intelligence and with BI tools data can be analysed in a better way. It includes identifying customer insights, buying patterns, monitoring customer behaviour, etc. With all this information available from one centrally located source, businesses can be more responsive to the changes in the marketplace. This allows business owners to plan their production unit. They can optimise their product manufacturing and reduce wastages.
BI also helps in data integration as we all know that data of an organisation is generated or present at different places or it is generated from different sources, this makes data analysis a bit challenging as well as a complex process. With BI you can reduce the complexities that exist with data locked at different software and spreadsheets. BI tools help to integrate all the data at a single place making data analysis a piece of cake
When you all have the data, market insights, stats of customers’ buying habits. It is obvious that you will work more on making your business model more durable and result-oriented. BI helps you analyse a company’s own data as well as consider all the external business information driving through these steps BI can help to build relevant business models.
Today we all are part of a business world, where organisations collect and store huge amounts of data from various sources. If the data is not used in the right way it will become a burden for your business. It might be an option to analyse each and every piece of data very closely but it will be time-consuming. With BI the process can not only be optimised but also can be automated.