How Do Business Intelligence and Business Analytics Support Decision Making?

Business Analytics and Business Intelligence are both ways to handle data, but they are not the same and give you different information.  

The main difference is the kind of information they give you:  

• Business Intelligence looks at both the present and the past, showing you what has happened and what is going now.  

• Business Analytics looks to the future and tries to predict what will happen.  

Business Analytics and Business Intelligence work very well together. 

For BA's forecasting models to work, BI is a solid base.  

Companies can better guess and prepare for what will happen if they know what has happened and what is happening. Together, they give you a full picture of your business's data, which lets your company make smart, well-informed choices.  

When you use Business Intelligence and Analytics services, you can use both past and future data to make your business plan more complete. Adding these tools to your business processes gives you an edge over your competitors. It helps you move quickly and strategically through complicated business settings like Market Fluctuations, Supply Chain Disruptions, Competitive Landscapes, Regulatory Compliance, data overload etc. 

Companies turn unstructured data into insights that can be used by following four important steps: 

Data Collection:  
This first step is all about finding the right data and collecting it. Have a clear picture of the exact data that is needed, taking into account important factors and business needs. This important step sets up a strong foundation for Data Source Management. 

Data Integration:  
Next, the gathered data is cleaned and processed to make sure it is accurate and matches the quality standards. This step is necessary to ensure that the data being used is accurate, reliable software app development services, and easy to get to. To improve every step of the data's journey, strict data control and DataOps methods are needed. 

Data Analysis:  
The third step is the most important one. This is when you look at the data and find trends and connections.  
 
Business Analytics (BA) is very important in this case because it lets companies find, process, and display important business data.  
 
This helps a company,  

• Find hidden trends 

• Solve tough business problems  

• Monitor vital business data 

• Find growth opportunities 

• Enhance customer service.  

Data Visualization:  
The process ends with displaying these lessons clearly and interesting. 

Business Intelligence (BI) turns all of a company's data into reports, measures, and trends that are easy for managers to understand and make choices.  

Real-time Business Intelligence (RTBI) looks at real-time data to give you visual information that you can work with. These business intelligence (BI) tools like Tableau, Microsoft Power BI, SAS Business Intelligence, Oracle BI and SAP BusinessObjects are very important for making both short-term and long-term strategy changes.  

Companies can use predictive analytics to make smart choices based on data and see what trends will happen in the future.  

According to a study by Forbes, companies that use predictive analytics are 2.9 times more likely to see their sales grow than companies that don't.  

Here are some ways that predictive analytics helps different fields: 

Finance: Predictive analytics helps businesses stay financially healthy and stable by letting them know about future cash flows.  

Marketing: This technology helps companies figure out patterns and habits in how customers act, which lets them make more targeted marketing plans. 

Manufacturing: Predictive analytics is a key part of improving supply chain distribution and predicting customer demand, which in turn improves business efficiency. 

Healthcare: It is very important for finding people who are likely to get chronic illnesses so that doctors can start treatment sooner and stop the disease from getting worse. 

These examples show how predictive analytics can be used and how it can change many fields.  

Businesses can improve decision-making, cut costs, and improve customer experiences by using this technology. This gives them a big edge over their competitors and helps their bottom line.