Business Analytics and Business Intelligence: What Are They? Here’s Where It Differs – In the current digital era, Business intelligence and business analytics have an important role for a company. Business Intelligence (BI) and Business Analytics (BA) are related but different concepts. Business intelligence focuses on reporting and using historical and current data to understand and make decisions about current business operations. On the other hand, business analytics is focused on using data to predict future trends and opportunities, and involves analyzing historical data to drive current and future business operations
Business Analytics and Business Intelligence: What Are They? Here’s Where It Differs
Check out the differences between Business Intelligence (BI) and Business Analytics (BA) and the benefits of both for a business.
Meaning and Differences between Business Intelligence and Business Analytics
There are many business people who think that Business Intelligence and Business Analytics have the same function. Even though the two are clearly different. So what’s the difference? Here’s the review.
Business Intelligence
Business Intelligence or BI is the process of using data for the management of daily business operations. Its job is to collect, store and analyze data from business activities.By combining technology and corporate strategy, BI will analyze business data from past, current, and predictions to find appropriate business operations.
Business Intelligence has several important roles in companies. The roles are below.
1. Process relevant data to gain useful insights for developing business.
2.Responsible for access and all data within the company.
3.Help in creating new strategies so that the business continues to grow.
4.Know market trends, improve business, and create performance benchmarks.
5.Create data that is used to improve business performance.
Not just a system or process, in BI there are various kinds of software and systems. Such as spreadsheets, data mining software, business activity monitoring software, and reporting software.In conclusion, Business Intelligence is a process that can help companies overcome all challenges and ensure the company remains focused on its main goals.
Business Analytics
Business Analytics is a complement to the presence of BI to be utilized optimally by interpreting data to predict what will happen in the future.
If you want to improve or change and make better decisions in the future, then Business Analytics is the best step for the company.
Business Analytics can help develop strategies, improve relationships with customers, identify market opportunities, and reduce threats based on past evaluation and analysis.
It could be said that Business Analytics has an important role in making the right business decisions based on the data the company has.
Difference between BI and BA
After knowing the meaning of Business Intelligence (BI) and Business Analytics (BA), here are the differences between the two.
Tools. BI usually uses a dashboard user interface to analyze data. Meanwhile, BA uses many tools in the process.
Data management. BI uses past and present data to run a business. Meanwhile, BA uses past data to predict and determine business strategies.
Analysis results. BI will provide insights and information related to data without making data transformations. Meanwhile, BA will provide solutions using technology that changes the form of data.
Application. BI is applied to companies operating business today. Meanwhile, BA is applied for the company’s future growth and development.
Whether BI or Business Analytics, both are very necessary for businesses and companies.
Therefore, it is important to know what is most needed for the business you are running.
BI or Business Analytics has its own focus, tasks, and assistance offered by both.Both also have great benefits for businesses in processing data to make decisions about what can be done now and make predictions regarding future business developments.
That is an explanation of Business Intelligence and Business Analytics and the differences between the two for businesses and companies. Remember, companies need BI and BA to help business development.
