To an outsider, Data Analytics and Business Intelligence might look
similar and serving the same purpose, while they may not have the same
outcomes. So what is the difference between the two ?
Business Intelligence (BI) helps different
organizations in better decision-making leveraging a wide range of latest tools
and methods. It is the broadest category involving data analytics, data mining
and big data. BI involves varied processes and procedures which help in data
collection, sharing and reporting to ensure better decision making. With recent
advancement in BI tools, users can generate reports and visualizations all by
themselves, without relying on IT staff.
According to CEO/Founder of Big
Data-Startups, Mark van Rijmenam, “the difference between Business Intelligence and Data Analytics lies in the fact that Business Intelligence helps in making
business decisions based on past results while data analytics helps in making
predictions that are going to help you in the future.”
BI refers to data-driven decision making with the help of aggregation (συγκέντρωση πληροφοριών),
analysis and visualization (οπτικοποίηση) of data to strategize and manage business processes
and policies. Traditionally, BI deals with analytics and reporting tools, which
helps in determining trends using historical data. According to Vice President of Engineering, Noetix
Products, Magnitude Software, Pat Roche, “Business
Intelligence is required to operate the business while Business Analytics is
required to transform the business.”
BI focuses on
achieving operational efficiency using real-time data to bring about efficiency
in different job functions. It involves in-depth analysis of historical data
from varied sources to help in making informed decisions. It helps individuals
in making queries (υποβολή ερωτήματος) asking data-related questions and getting results. BI tools
are especially designed to display results of analytics in a manner
understandable even to a layman (λαϊκός, μη ειδικός). Business Analytics, on the other hand, helps
in determining future trends using data mining (εξόρυξη δεδομένων), predictive analytics,
statistical analysis and others as well to drive innovation and success in
business operations.
With huge
volumes of data being continuously shared, Data explosion can be witnessed
everywhere around us in the form of mobile data generation, real-time data and
others as well. As a result, there is a greater need for protecting data
integrity (συντήρηση, διασφάλιση και σταθερότητα πληροφορίας) as never before. Data Analytics has a significant part to play in
data security. It is transforming the way to conduct intrusion detection,
malware countermeasures, and others as well. Companies are using advanced
analytics to manage privacy and security challenges.
Recent trend in Business Analytics showcase the increase in value for
integration as well as consolidation of information to ensure policy formation
and meet strategic objectives. Several companies are utilizing hi-tech business
tools to meet ever-growing data technology needs with extended capabilities. A
recent survey in Forbes Magazine said, “The Big Data trends have affected the data analysis in different
ways that led to almost 15 % growth in this arena last year alone.”
Business Intelligence and Analytics
vendors (πωλητές, προμηθευτές) are noticing the shift driven by big data and are prepared to face
similar marketing scenarios. Role of analytics is extremely important in
extracting the relevant information and deriving actionable insight. Analytics
is becoming a significant factor in decision making at any future-oriented
organization. Simple and easy to retrieve reports is a critical functionality
required in data analytic tools. Organizations are facing challenges in
integrating the BI systems with the existing system and generate reports that
offer actionable insights.
Integration (ενοποίηση) of Big
Data and Business Intelligence with Cloud
Computing is recently trending in IT
sector. However, there are concerns whether this combination is going to work
out or not. According to the latest research reports by Saugatuck Technology, “cloud-based BI and analytics will witness
enormous growth in the coming years.” The amalgamation (συγχώνευση) of BI with cloud can enhance growth rate by leaps and
bounds ( by large movements forward) in the next few years.
Continuous
advancement in the fields of business intelligence, data analytics, and data
science is making it necessary to understand the distinction between these
terms. The importance of these terms cannot be undermined in a business
enterprise.
Business Intelligence
Business
Intelligence (BI) is a comprehensive term encompassing data analytics and other
reporting tools that help in decision making using historical data. BI vendors
are developing cutting edge technology tools and technologies to reduce
complexities associated with BI and empower business user.
Data Analytics
Data Analytics focuses on algorithms to determine relationship between data
offering insights. The major difference between BI and Analytics is that Analytics has predictive capabilities whereas BI helps in informed
decision-making based on analysis of past data.
Data Science
Data Science is
one of the recent fields combining big data, unstructured data and combination
of advanced mathematics and statistics. It is a new field that has emerged
within the field of Data Management providing understanding of correlation
between structured and unstructured data. Nowadays, data scientists are in
great demand as they can transform unstructured data into actionable insights,
helpful for businesses.
Be a Data Scientist in 8 steps! from PromptCloud
In the present scenario, businesses need to extract insights and make the
most of it from every tweet and customer care interaction. Business Intelligence (BI) and Analytics can help in making insightful business decisions, taking
appropriate action along with quick implementation while Data Business
Intelligence leverages cutting edge technology BI tools to address data
analysis issues. Data Scientists and Domain Specialists are professionals who
can skillfully use these tools to fuel business success and innovation.
