Business Analytics vs Business Intelligence

In Business Intelligence we collect organization data and analyze the data for several financial / non-financial metrics / key performance indicators. Common functions of business intelligence applications are

  • reporting,
  • OLAP,
  • analytics,
  • Data Mining, – process of Knowledge Discovery
  • business performance management,
  • benchmarks,
  • text mining, and
  • Predictive analytics.

Business Analytics is how organizations gather and interpret data in order to make better business decisions and to optimize business processes. Analytics are defined as the extensive use of data, statistical and quantitative analysis, explanatory and predictive modeling, and fact-based decision-making. Business Analytics is a subset of Business Intelligence. BI and BA have emerged as core tools guiding decisions and strategies for areas as diverse as marketing, credit, research and development, customer care and inventory management.

Business Analytics- Applications

In Business Analytics we basically use a number of statistical techniques out of which surveys and product tracking systems are quite common. From these we can optimize and augment a business model useful to an organization. The techniques used in Business Analytics can be used for the following purposes:

  • Critical product analysis– how well a product is received by the target audience and also product customization
  • Improved customer service– keep track of their recurring customer queries and support issues and enhancing customer satisfaction
  • Up-selling opportunities-Keep Track of customer behavior trends
  • Simplified inventory management– minimizing losses due to outdated inventory items
  • Competitive pricing insights– competitive pricing without having to cut down too much on profits
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