Data Analytics and Business Intelligence
Data Analytics and Business Intelligence
Data analytics and business intelligence (BI) are essential components in the process of collecting, analyzing, and utilizing data to make informed business decisions. While they share some similarities, they serve distinct purposes in the realm of data-driven decision-making.
Data Analytics
Data analytics involves examining, cleansing, transforming
Business Intelligence (BI)
Business Intelligence refers to the technologies, processes, and tools
Benefits of Data Analytics and Business Intelligence
- Data analytics is often a subset of the broader BI process. Analyzing data is a crucial step within the larger BI framework.
- BI tools and platforms provide the infrastructure for data analytics by offering features for data storage, querying, reporting, and visualization.
Descriptive Analytics
Summarizing and interpreting historical data to understand what has happened.
Diagnostic Analytics
Examining data to determine why certain events occurred.
Predictive Analytics
Using statistical models and machine learning algorithms to forecast future trends.
Prescriptive Analytic
Recommending actions based on the insights derived from data.
Data Warehousing
Centralized storage of data from different sources for analysis.
Performance Management
Monitoring and measuring key performance indicators (KPIs) to assess the organization's performance.