The managerial of a business usually applies one or both elements of Business Analytics and Business Intelligence. What exactly are these two elements?
Business Analytics and Business Intelligence are two important elements in the success of a business. However, there are many misunderstandings in understanding these two elements exactly.
Some experts often see the ambiguous side of these two elements. Is Business Intelligence a subset of Business Analytics? Or is it the other way around?
We will try to explore first what exactly is the meaning of Business Analytics and Business Intelligence. Then understand better how to adopt it in a venture
Better Understanding Business Analytics and Business Intelligence
We will try to get into the understanding of Business Analytics and Business Intelligence.
Business Analytics is a statistical representation of a business. Parameters in Business Analytics will be quantitative and measurable in graphs and numbers.
Usually the function of Business Analytics is to make long-term predictions based on situations in several times in a row.
As a prediction, the accuracy is actually quite high, especially when accompanied by an adequate set of historical data. It’s just that, because it is measurable and graphic, it is not flexible enough to unexpected situations and changes.
Meanwhile, the definition of Business Intelligence is a description that has a different focal point from Business Analytics. Business Intelligence presents data obtained from the investigation process.
The data then becomes a reflection in projecting the long-term situation and becomes a reference for making decisions.
Data from Business Intelligence is not only with quantitative concepts, but also elements of description, encryption and other qualitative elements.
Usually, Business Intelligence will maximize the investigation process with many devices. This is to ensure the collection of information and data runs optimally.
Some business institutions utilize these two elements at once in their future projection process.
But not a few who choose to use one way when they need information as a basis for decision making.
Simply put, a company and its managerial team will need current information and data to be able to read the long-term situation.
Both Business Analytics and Business Intelligence play a role in helping the process.
You do this by providing an adequate picture of quantitative and non-quantitative data from the history of business rates. This data will later be processed as projections and predictions that will be the starting point for decision making.
