What is Business Intelligence?
Business intelligence is defined as, “a technology-driven process for analyzing data and presenting actionable information which helps executives, managers, and other corporate end users make informed business decisions.” Using a wide variety of tools, applications, and methodologies, it enables organizations to collect data from within (or outside) the organization, prepare it for analysis, and run queries against that data to create reports, dashboards, and data visualizations for enhanced decision-making.What are the Benefits of Business Intelligence?
Using business intelligence, companies can:What is Advanced Analytics?
Advanced analytics is defined as, “a category of inquiry that can be used to forecast future events and predict the effect of potential changes in business strategies through what-if analyses.” Using sophisticated data exploration tools and techniques, it helps discover meaningful patterns in structured and unstructured data, make predictions about what is likely to happen in the future and generate recommendations.Benefits of Advanced Analytics
Using Advanced Analytics, companies can:
How does Business Intelligence and Advanced Analytics work together?
Business intelligence and advanced analytics focus on improving business decision-making and follow similar processes of collecting and analyzing data and deriving insights. They help identify areas where businesses are not operating at peak efficiency and aid in improving performance of operations. In addition, both the concepts help big data to be presented in a way that enables quick and easy visualization.
When used together, business intelligence and advanced analytics can help organizations in not only understanding what has happened in the past, but also why it happened, and what can be done to improve future outcomes. Together, they can help businesses in analyzing past performance, making correlations, and suggesting the next best action for improved business performance – across operations, sales, maintenance, employee satisfaction, and customer experience.
Transform your Company with Business Intelligence and Advanced Analytics
Since several years ago, businesses have been embracing all sorts of data analytics tools to make sense of the growing volumes of data. As enhancing business decision-making becomes critically important, the realm of business intelligence and advanced analytics is helping teams to collect and analyze historical data, ask questions, identify meaningful patterns, and understand what is likely to happen in the future. If you are looking to enhance the accuracy and timeliness of your decisions, it is time to embrace these technologies and transform how you operate your business.