18 Aug How to get More Business Intelligence (BI) Out of Your Data
Data is the business of business intelligence.
It’s what business owners and managers use to make decisions, improve their business processes, and keep up with competition.
But there are many people who don’t know how to get more business intelligence out of the data that they already have.
This blog post will discuss some ways that you can start using your data identify trends that will offer insights to better business decision making today!
Business intelligence vs data analytics
Business intelligence includes using information to make business decisions therefore, business intelligence and data work hand in hand.
Data science analyzes data to see what could possibly happen or should happen in the future.
Business intelligence vs data analytics is less about differences and more about coordination, because intelligence vs data analytics aren’t in opposition, they are in communication, used interchangeably, working off of each other.
Currently many organizations use business intelligence to manage their operations. Let’s take a look at how each of the terms are related and what differentiates them from other terms as such.
The world of big data is relatively recent.
This is important to know as it will help you understand how to use data science within commercial environment.
How Data Analytics Differs from Business Intelligence
In fact, Business Intelligence is highly linked to Data Analytics. Different terms describe different functions, each with its own technical capabilities and purpose respectively.
Business Intelligence in business is not a new concept. It has been around for years and its primary function was to provide decision-making data that managers could use.
Data Analytics on the other hand, is all about using different machine learning techniques to look at your business’s existing data with an eye towards making predictions or drawing better conclusions from what you’ve already got.
Data analytics also uses more complex statistical processes than BI does – like multivariate analysis and regression modeling.
For example, it can be used (and often is) as part of a predictive maintenance program to help determine when something will go wrong before it actually happens, so steps that can be taken ahead of time, to prevent damage or interruptions in service.
The two are closely linked: most organizations use business intelligence for their day-to-day operations, but they also use data analytics to help them make more informed decisions and do more than just what business intelligence does.
How Data Science Helps Businesses Make Better Decisions
Let’s say you have a retail business. Wouldn’t it be beneficial to your business to know which products are the most profitable among all of your different product offerings?
You could either collect that information yourself or hire someone else to keep track of it. But however you decide to collect this info, it’ll take some time before you see any results – and in the meantime, there maybe gaps in your knowledge, because no one would have been tracking that particular piece of data on an ongoing basis until now!
That’s where data science comes in.
Data science would allow business owners to see the most profitable products right away – it can be done automatically, without having to do any manual work at all!
This means that you can adjust your business strategy immediately using accurate data instead of waiting months or years to gain insights about a particular product’s performance.
Data Analytics also lets you identify what other products might be good investment opportunities, based on their profitability over time, so you can make better business decisions for both current and future planning.
How Business Intelligence Can Help You Make Better Decisions
Business intelligence has some additional benefits that Data Analytics does not offer: namely customization according to each organization’s unique needs.
Data analytics is the avenue to business analytics and business intelligence. Top execs make important decisions based on sound intelligence vs data analytics.
Business intelligence gives you actionable insights based not only on historical data but data on current business operations.
Whatever your case may be Incus Services can help.
If you’re a data novice, or just looking to get the most out of your existing data management, get into contact with them about their workshop or specific services that are tailor made for your organization.
But the workshop is just the beginning. Consulting with Incus Services as part of your data improvement drive can make the difference between being a leading organization or falling behind the competition.
Incus Services can work closely with your organization to help your data talk to you and offer key insights. It is our objective to provide businesses with the machine learning and artificial intelligence strategies that they need to succeed.
Aren’t you ready to take your business to the next level? Why wait another moment to lead the finance sector through technology and digital transformation?