22 Jul Are Business Intelligence and Data Analytics the same?
From an outsider’s perspective, Business Intelligence and Data Analytics are almost the same concepts because of the similarity in their literal meaning. But surprisingly, this is not the case. As the founder of Big Data Startups like Datafloq and Imagjn, Mark Van Rijmenam states:
“The difference between Business Intelligence and Data Analytics lies in the fact that Business Intelligence helps in making business decisions based on past results while data analytics helps in making predictions that are going to help you in the future.”
There is an extremely fine line that separates business intelligence and data analytics and to be more specific; business intelligence services involves the analyzing and streamlining the data and patterns to make informed and accurate business decisions. On the other hand, data analytics is gathering and presenting (on request) the statistics and figures of business. This data is based on the trends and facts of real time business activities to make accurate and reliable future predictions.
Although the names sound very similar in meaning, business intelligence uses a set of complex tools and techniques to help the business grow by analyzing the trends and activities of the past. Data Analytics is the process of transforming raw and abstract data into a more organized and structured form to implement predictive analysis. Here is a breakdown of how these two business concepts are not similar and are different by their principle, methodology and purpose:
- Scope/Meaning: Business intelligence refers to the information and past data acquired to aid in the decision making process, that help the business grow and expand. Data Analytics on the other hand is the process of converting unstructured data to organized form that helps in the derivation of conclusions and predicting future trends.
- Purpose: The basic purpose of Business Intelligence is to help the business grow by making informed decisions. The information is gathered by analyzing the historical trends. Data Analytics are used to transform the data into a more structured format. It models the data, refines it, and modifies it to make accurate and reliable future predictions.
- Implementation: Business intelligence consulting services are implemented through the use of numerous BI tools that are developed and available in the market.These tools are only applicable on the data of the past that is previously stored. There are many BI Consulting firms in Texas provide remarkable Business Intelligence Services.Data Analytics can be implemented using the tools of Business Intelligence or other specialized tools prepared for data transformation.
Xforia, provides reliable, safe and custom BI solutions, for your business to grow and flourish. This BI consulting Firm in Texas helps to analyze and present actionable information to help the corporate end users make informed business decisions. So give us a call and let us help grow your business to reach new heights and success.