Business Intelligence vs. Business Analytics, what’s the difference? There are many differences of opinion, but generally, both describe the use of data in making business decisions. So what are the differences? And should you care? In this blog, we aim to outline how the terms are used differently in the Industry.
Business Intelligence (BI)-
Broadly speaking, business intelligence tools include both reporting, visualization, and analytics functions used to interpret large volumes of data. These tools and applications are used to analyze data from business operations and transform raw data into meaningful, useful and actionable information. BI Tools are used both inside the enterprise and within software applications to provide insight from operational data, financial data, and more.
Though there can be many variations in the feature sets of BI platforms, the main deliverables of any BI stack are Dashboards, Reports, and more recently Self-Service capabilities.
Of the different types of BI, Embedded BI aims to provide a seamless integration of analytical capabilities directly into your applications.
Business analytics is heavily statistically focused and uses analysis techniques such as descriptive, predictive, and prescriptive analytics. It also consists of a set of solutions, methods, skills and best practices used to gain insights for understanding current business realities and business planning.
The breadth and depth of statistical analysis capabilities found in business analytics products can vary greatly. However, the primary use of business analytics remains the same: to drive decision making.
What’s the Difference?-
So what’s the difference? Where does the term “business analytics” fit within business intelligence? The statistical techniques categorized by business analytics are often found within the category of business intelligence. The main focus of a “business analytics” product is to create actionable business intelligence. When in doubt, the term business analytics is used to focus more specifically on the statistical capabilities of a BI product.