BUSINESS ANALYTICS vs BUSINESS INTELLIGENCE

Overview:

There is a subtle difference between business analytics and business intelligence so that everyone needs

to understand it properly. 

Business intelligence is actually the process that comprises strategies and technologies incorporated by the

leading

enterprise industries for the purpose of analyzing the existing business information and data that

provides details about the past, present, and future events of the operations of several business industries.

Business analytics, on the other hand, is also the process which comprises of strategies and

technologies.

But unlike business intelligence, the business enterprises use those technologies

and strategies for the purpose of exploring and extracting useful insights and necessary

data as well as performances from past business information for driving successful business planning for the future.

Business Analytics:

The technologies, skills, and practices for the purpose of continuous and repetitive iterative exploration along

with

the investigation of the past business performances for gaining insight and providing an impetus

to the procedure of business planning are referred to as business analytics (BA). Business analytics

usually

focus on the development of new insights as well as an understanding of the business performances based on various kinds of data and statistical procedures.

In business analytics, there is extensive use of numerical analysis, analytical modeling, which includes predictive

and explanatory modeling, and management to aid in decision-making.

Therefore, it can be said that business analytics has somewhat of a close relationship with management science.

The analytics might be used as inputs for the decisions taken by human beings or it might be driving fully automated decisions. Business intelligence refers to online analytical processing (OLAP), querying, reporting, and alerts.

In other words, OLAP, querying, and reporting are actually alert tools that have the capability of answering questions

such as how many, what happened, how often, what actions are required to undertake and where the problem

lies. Business analytics can also provide the answer to the most common questions such as what is

going to happen next (predict), what if the current trends continue, why is

everything happening (the events that led to the development of this respective question) and lastly, what will be the best possible outcome which one can expect (optimize).

Business Intelligence:

Business intelligence or BI comprises technologies and strategies which are used by leading business enterprises

for the purpose of obtaining business information and data analytics. The technologies associated with business intelligence

provide the necessary information and data about the past, present, and future predictions of the business operations.

The common functions, which are performed by the

technologies associated

with business

intelligence or BI,

include

reporting, analytics, online analytical processing, data mining, complex event processing, benchmarking,

business

performance management, predictive analytics, text mining, and prescriptive analysis.

Such technologies have the tenacity and capability to handle huge amounts of structured as well as unstructured data in order to help the business enterprises to identify, develop, or create the latest strategic business opportunities. It aims to allow easy interpretation of all these big data.

Resource box:

Thus, the fact becomes very clear from above that with the rapidly changing economy and growing competition

in the international trade market, business analytics and business intelligence

have

almost become a necessity in all the large multinational companies (MNCs). In order for these companies

to survive in the industry and make profits, they need to make use of business analysis to the fullest.

Therefore, it can be easily said that when it comes to careers, this indeed is the one with the most demand in the present market and definitely a quite viable option for the students and young generations to consider for their respective careers. 

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