It can be hard to keep up with where the business world is going, especially when it’s becoming increasingly permeated with new tech and new data.
You might have heard of Business Intelligence and Business Analytics, but what do they really mean? Such concepts can feel intangible, we get it. In this article, we find out what exactly they mean and why they matter in the first place.
What is Business Intelligence (BI)?
Business Intelligence takes all the raw, messy data and extracts the key trends and patterns so you can make more intelligent business decisions.
Think of it as a translating system. Instead of translating one language to another however, it translates data into coherent information that you and your company can act upon. One example would be identifying customer behaviors and buying patterns from your sales data.
What is Business Analytics (BA)?
Once you’ve identified the key info from your data with the help of Business Intelligence, you’d then need to put that info into good use within the context of your business.
Based on this data, Business Analytics predicts the best decisions and strategies for the future performance of your company. With the new insight gained from BI, BA can step in to apply that info where it matters most.
Business Intelligence vs Business Analytics: What’s the Difference?
Business Intelligence and Business Analytics are no doubt distinct from each other, but they overlap through the same goal of improving operational efficiency and enabling better decision-making.
While BI addresses info from the past and present, BA is concerned with how such info will affect the future.
Driven by data
Be it BI or BA, the actions you take within your company should be driven by data regardless. Learn more about our Business Intelligence solutions for small businesses, or request a demo today at email@example.com.