How Business Intelligence Differs from Business Analytics?
Today, running a business is no big deal. But keeping its growth rate & productivity steadily up is an uphill battle. Thousands of software and apps are ready-made available at a definitive cost. You just match & use any of them with their business requirement. And then, the profit margin will keep mounting up & up. And you’ll keep achieving winning streak.
Why should not so occur? The goodness of automated tools is there to help you. They’re taking the business world by storm. If you require data for research, internet caters it within a wink. If you yield for the tool of research, online sellers come up with data extraction or web scraping software. You don’t need to bother about analyzing it either. Here again, several online free as well as premium tools can be accessed. In the nutshell, you’ve all the arsenals that can ensure a leading position in your domain.
Can you answer why am I bragging about such business tools? It’s just because they’re incredible & deserving. However, all entrepreneurs are not well-versed with them. But a little bit of exposure hooks them towards their usage.
So! What do such tools deliver that transforms a business?
Do they have an inbuilt miracle?
I must say that they have it. Their functions give the raw big data a meaning. The entrepreneurs harness them to a great extent. Eventually, the business intelligence comes in their fist. Resultantly, paving to explosive demand & branding becomes an endless regime. It becomes a tendency then.
But the scaling is not as easy as it sounds. You need the compliance of the business intelligence & analytics. Before you start hammering your head, go through the basic explanation about them:
What is business intelligence?
The business intelligence (BI) implies the real time data-driven actionable plans. In other words, it’s the technology-driven method of processing the real time data. At their concrete base, you build up some exclusive actionable plans for each level of administration, production & logistics. When these plans get stirred with intensive brainstorming, you yield record-breaking results.
However, it’s a long process to derive such actionable plans. But you need not drain your brain. Several software are here to let you combat this battle. The data extraction tools, like import.io & webhose.io, can relieve you by automating data extraction.
Then, it comes to mining data process. The most relevant data will be kept aside. You can either go for the data cleansing services or employ its tools, like Drake, Open-refine and Data-wrangler. For deriving various hidden patterns in the real-time data, you can bet on various data mining techniques, like clustering, regression and so on.
At the end, you would have the crystal clear picture of what & how to align for achieving business goals. But it’d be incomplete without deep data analytics.
What is business analytics?
The data analytics (BA) enables you to evaluate what the extracted data sets state. For example, you’ve extracted real-time figure of online traffic, its location, the KPIs (Key Performer Indicators, like the phrase by which the traffic search your brand) & many more factors.
Thereafter, the datasets acquire the proper a shape of meaningful information. And to your surprise, machine learning does it on your behalf. You need absolutely no manual hard work at all.
How do they differ?
Undoubtedly, BI & BA are interlinked. But there are some basic differences.
BA is an analytical process concerned with the future. How to upturn the downturn business trends is its ultimate goal. Basically, it’s a predictive analysis driven from the real-time data. For example, whichdigital marketing campaign can be fruitful for more sale; what can be the prospective sources of income and many more identical analysis form it.
On the flip side, BI It uses the historical performance. For instance, how many leads came to the conversion funnel and how many did not turn out-the data answering such kinds of questions comprise result. You can see the result in the form of futuristic strategies. They comprise spotlighting the underperforming and the overachieving arenas. They can be from the marketing, logistics or shipping.
All in all, BA is based on the future plans and strategies whereas BI is embedded in the backward performance.