Business Analytics or Business Intelligence?Even the most expert data scientists find the line between Business Intelligence and Business Modelling very thin. Business Intelligence Solutions is regarded more as a descriptive function, that tells you what has already happened in your business, using your data. The results can help make operational decisions based on past experience. Business AnalyticsBusiness analytics on the other hand is predictive. It helps organizations analyze data to understand future trend in business. This is when the need of the organization is considered. Often Business Analytics is considered as a subset of Business Intelligence. In such cases, a company can use both. It’s important to know the exact needs of the business before deciding. Business Intelligence is known for maintaining the existing operations while Business Analytics is used to make changes based on the predictions. Understanding the Business ModelBusiness Intelligence can be used in a number of ways. Be it real time actions in financial sector, catching frauds or faster and 360° response to customers across all communication platforms together. Depending on the need of the business, large amount of data can be processed and made actionable almost instantaneously in Business Intelligence Software. => Examples Include:# Risk mitigation in the financial sector:With billions of dollars being transacted from one corner of the world to another, it is hard to keep everything in place. Matters like fraud and scams have to be detected instantly in order to prevent them. Hadoop solves this problem and gets instantaneous data to be processed for anomalies. # Churn reduction in telecom:Telecommunication is another sector where the amount of data being generated is enormous, with details of each customer to be analyzed. With Business Analytics, one can predict the customer behavior based on the trends retrieved by analyzing the enormous amount of data. # Retail Trends:Be it e-commerce or traditional retail, predicting trends and marketing to the right people at the right time, is important for companies. Business Intelligence will store analyzed data if the company wants to have offers specific to locations. Start SimplyBusiness Intelligence and Business Intelligence Solutions transition as a form of reporting from a traditional MIS can take some time for the organization to get used to and make the most out them. Start out simply, then advance gradually will let the internal stakeholders get used to it, but also let you have the space to accumulate more datasets later if the initial models are small but accurate. Based on the complexity of the organization, geographical location and time spread, tools can be selected to allow varied, yet simple models. Teams with expert Business Intelligence Systems and Business Intelligence skills will help you find the right tools for your business by taking these factors into account. Independence to ChooseIf your business generates a lot of data, you should have the flexibility to choose only those datasets that are required. For example: if the company wants to decentralize tactical decisions, it may need to have separate data sets from its different locations to come up to customized solutions in each of them. Overwhelming data can be counter productive. Data should be supplementing the strategy of the organization. This can also reduce waste in modeling. Integrate the resultsBusiness Intelligence can fail if it isn’t implemented correctly. It is important to find a skilled management team who can interpret the data to its fullest advantage and make tangible changes.
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