What Is The Difference Between BI And Analytics?
BI and BA are two terms that are interchangeably and unanimously used when talking about knowledge management within business organizations. What is the relationship among these two terms? What characteristics distinguish these two terms? Many big words are used in the field of information technology and knowledge management that many are confused and could probably get lost in a hurricane of information thrown at them. It was found in recent studies that the term business intelligence shows a mild decline in Google search results while the term business analytics shows a considerable increase. Shortly referred to as BI and BA; these are not really the same thing although they are often interchangeably used. It is said that to run a business BI is required whereas to change a business is one needs analytics. BI is only focused on gaining access to real time information and to create operational efficiency so that individuals can better perform their job roles with higher efficiency. It is also about analyzing historical data and identification and resolution of problems. On the other hand, BA or business analytics takes a more mathematical process which includes data mining, statistics, predictive modeling and quantitative analysis and explores historical data that can stimulate business change and support sustainable business practices.
To put into simple terms, distribution erp software is about the past or historic data and is more like looking in the rearview mirror. BI tells you what happened using the information that was received from a minute ago to many years back. But business analytics is all about the future. It is about predicting and forecasting about what is going to happen. It is important to remember that both provide information and insights that are not less than the other though they are different. BI assists in decision making to learn from the past or put past ways to practice where as analytics helps you to go forward by anticipating what rests in the future and adapt quickly to changing environments.
In BI reporting is given prominence and relating to the past or historical records very specific and highly formatted reports are created by a few people and are made available to the entire department or the organization. On the other hand when it comes to analytics reports aren’t given much of an importance, rather tools are provided to people who might have questions with the data to get their own answers. People are made free to ask their own questions and get involved with the flow of analysis. Finally, analysis without intelligence is not possible, know more about erp implementation consultants at https://www.syspro.com/au/services/. It would rather be intuition or guessing. Also on the other hand gathering intelligence without analyzing them is an utter waste of time. Therefore these two terms can be concluded to be part and parcel and are quite inseparable in business.