Let’s focus on Business Intelligence with Business Analytics Saves Industry Time, today. The topic is being discussed by Dr. Jaskiran Kaur, Director, NMIMS Chandigarh.
Business Intelligence with Business Analytics Saves Industry Time
Time is a valuable resource for any industry and saving time can lead to increased efficiency, productivity and profitability. Business intelligence (BI) and business analytics (BA) are two data management solutions that can help industries save time by providing insights and guidance for decision making. BI and BA are often used interchangeably, but they have different focuses and scopes. BI is the use of data to manage day-to-day operations and achieve current business goals, while BA is the use of statistical and quantitative tools to make predictions and develop future strategies for growth.
BI helps industries save time by collecting, storing and analyzing data from business systems, such as sales, marketing, finance and operations. BI provides comprehensive business metrics, in near-real-time, to support better decision making. BI also includes reporting, monitoring, and visualizing data to show what has happened or what is currently happening in the business. BI tools can include spreadsheets, online analytical processing, reporting software, business activity monitoring software, data mining software and more. By using BI tools, industries can streamline their workflows, optimize their processes, identify problems and opportunities and monitor their performance.
BA helps industries save time by turning their raw data into useful information, including identifying trends, predicting outcomes, and recommending actions. BA involves the use of different types of analytics, such as predictive, descriptive and prescriptive analytics, as well as speech and web analytics. BA also relies on data science, which is a related field that uses data analysis and big data software to extract meaning from raw data using specialized computer systems for high-volume or high-velocity data. Data scientists are experts in applying various techniques, such as machine learning, artificial intelligence and natural language processing, to solve complex problems with data.
BA helps industries save time by providing them with foresight and guidance for the future. For example, while BI might tell business leaders what their current customers look like, BA might tell them what their future customers are doing and how to reach them. BA also helps industries save time by enabling them to develop new products, form new strategies, and look for new opportunities by understanding market trends. BA tools can include data mining software, forecasting software, predictive modeling software, text mining software, image analytics software, and more. By using BA tools, industries can anticipate and prepare for future challenges and opportunities.
In summary, BI and BA are both data management solutions that help industries save time by providing them with insights and guidance for decision making. However, they have different focuses and scopes. BI helps industries save time by managing their day-to-day operations and achieving their current goals. BA helps industries save time by making predictions and recommendations based on data for future growth.