Today’s data-driven business culture has given organizations new resources and competitive advantages through the integration of data into everyday operations and strategic business decisions. With this increasing reliance and growth in the data that organizations can gather, both business intelligence (BI) and business analytics (BA) are crucial for interpreting the information and generating effective, data-based action plans.
Business intelligence (BI) is about using data to make intelligent business decisions by monitoring, collecting and reporting data for interpretation. Since there is so much data out there, BI helps organizations filter through existing relevant data to decipher trends and patterns in the past and present to make better decisions for current operations.
Business analytics (BA) is vital to utilizing business intelligence to its full potential by working to interpret data to predict future patterns based on current information. Business analytics is great for clients looking to improve or change their current operations and make better decisions for the future. It can be used to strategize, recognize sales and market opportunities, improve relationships with customers, better indicate potential risks and decrease threats based on the analysis of why things happened in the past and if something will occur again.
The benefits of business analytics include the ability to mine data, statistically analyze events and why they occurred, test past decisions and conduct predictive forecasting. The predictive models provided by our Business Analyst make it easier for organizations to strategize without having to react to industry changes; instead, they can work proactively based on cumulative data that determine future outcomes.
Since business intelligence focuses on current situations and business analytics determines future situations, combining the two can improve the way an organization reaches current and future business solutions.