• Introduction
  • What is Business Analytics?
  • Business analytics solutions typically involve statistical technologies 
  • What is Business Intelligence(BI)?
  • What is Data Analytics?
  • Business Intelligence (BI) Career prospects
  • Business Analytics Career Prospects
  • Data Analytics Career Prospects
  • Takeaway

 

Introduction

Company business intelligence system is often used interchangeably with the term analytics. A recent academic study found that more than 80% of analysts use these terms interchangeably in practice.

The terms ‘business intelligence’ and ‘analytics’ are not synonyms. They are two distinctly different areas of specialisation within the realm of corporate information systems.

Analytics is a quantitative and qualitative assessment of one or more business drivers. Furthermore, analytics help those in the business world identify data patterns to make more informed decisions. Now, the question arises – why do you suppose business professionals are still interested in analytics?

Organisations create tremendous amounts of data every day. To gain insights from the massive amount of data produced, we need analytics. In other words, data analytics is the process of collecting and analysing data in a structured way to help people or businesses make better decisions.

The word “analytics” can be used interchangeably with the word “intelligence.”

Let’s first look at the definitions of business analytics, business intelligence, and data analytics.

 

  • What is Business Analytics?

Business Analytics refers to the use of analytics in organisations by business analysts. It is the process of analysing data from sources such as transactional (point-of-sale) and behavioural (customer surveys) to extract actionable insights that generate value for an organisation.

A key component of business analytics involves translating complex data into meaningful information that non-technical users can easily understand. This is done by determining what data to collect, how it should be collected and analysed, and how the information can best be presented or utilised.

Business analytics is similar to business intelligence, but the former refers to the analysis of all kinds of data in order to discover practical insights that help organisations. Business analytics can involve what most people would consider traditionally “Business Intelligence” type solutions such as descriptive, predictive, and prescriptive analytics.

 

Business analytics solutions typically involve statistical technologies such as:

R & S-Plus, SAS; Statistica; or Minitab. Tableau is a popular new tool for business analysis that uses drag-and-drop technology to create a visual analysis of data.

Business analytics can also involve non-statistical technologies such as D3js, Tableau, BIME, or any other visualisation tool. These tools are typically used in conjunction with statistical software, thereby giving you the ability to see multiple dimensions of your data in real-time while you analyse it.

Business analytics can also involve non-visual technologies like IBM’s SPSS Modeler, SAS Enterprise Miner, or SAS Visual Statistics that allow you to “drill down” into your data and interrogate it in a manner similar to how one does with Microsoft Excel pivot tables. These types of tools are reserved for experienced business analysts who have the relevant statistical expertise.

Business analytics is not about extracting meaning from data by visualising it with Tableau (like many people think) but rather analysing structure and patterns within it in order to make decisions.

Business analytics is a subset of data analytics, which is essentially the same thing as business intelligence.

 

  • What is Business Intelligence(BI)?

Business intelligence aims to collect, store, and analyse data in order to improve business operations. It is a way of extracting, analysing, and distributing information to solve business problems. It integrates data from multiple sources, both internal and external, to benefit from the work that teams in the organisation have already done.

Business intelligence is something you do with an existing system. BI applications are designed to help users slice and dice their way through the information in a system, usually to find trends and patterns that could lead to new insights.

Business intelligence is produced from the data you have stored already. If you do not know what questions might be asked of your data, there will probably still be useful things to discover in it, but they would not necessarily be business intelligence.

The role of business intelligence is to find out what you’ve got, how your business has performed in the past, and identify areas where it might be improved based on the data that you have.

Business intelligence is a process of repurposing your existing information and systems to get useful insights from them. It is not specifically about finding new ways of doing things but about finding new ways to use what you already have.

Business intelligence aims to allow information and analysis to inform decision-makers to support their goals and objectives. Business analytics is one approach towards the goal of business intelligence, but it also extends beyond.

 

  • What is Data Analytics?

Data analytics is the process of mining data, cleaning data, remodelling data, and building the operations and systems to manage data. It involves the use of statistics, data mining, and machine learning techniques. Data analytics then turns the results into insights to help people make better decisions with their business.

Before delving into the various types of analytics, we’ll cover the basics first. Essentially, there are three types to divide analytics into – 

Descriptive Analytics

You can use descriptive analytics to look at past trends and generate insights from that data. Descriptive analytics answers the puzzle, what has happened in the past? And, what will be our understanding of the present data? They can be made into functional reports, which can be reviewed and operated regularly.

Predictive Analytics

Predictive analytics evaluates the present data and provides forecasts for future outcomes. Better data leads to better predictions.

Prescriptive Analytics

Prescriptive analytics is a method of professional judgment and evaluation that leads to pragmatically better outcomes. Prescriptive analytics is a combination of both descriptive and predictive analysis.

Business intelligence and business analytics differ on the scale of data they use, the type of analysis used to reach supporting conclusions, who uses them (versus), and what they are used for.

BI focuses on descriptive analytics. Likewise, business analytics focuses on predictive modelling and forecasting.

Data analytics and business analytics are similar, yet they have a few key differences. Data analytics focuses on discovery through finding insights in the data, while business analytics focuses on calculating operational statistics.

Moving on from the basics, now let’s explore what these domains are and the career prospects they offer.

 

Business Intelligence (BI) Career Prospects:

Business intelligence incorporates a set of tools for data analysis, including process analysis and performance benchmarking. Business intelligence information (BI) checks and audits all the data generated by an organisation, presenting easy-to-understand reports that will optimise better business decisions.

Business intelligence interprets the success of different strategies with data. Data analytics—or being good at interpreting mathematical and notational content related to digital systems, such as how much electricity various devices use or what people search for on Google— can identify problems early and suggest a solution.

A BI analyst’s job is to find areas of revenue loss and identify where improvements can be made.

Job profiles- 

  • Business Intelligence Director
  • Director Of Analytics
  • Senior Manager Business Analytics
  • Business Intelligence Manager
  • Senior Business Intelligence Analyst
  • Business Intelligence Consultant

Skills- 

  • Data warehouse
  • Data modelling
  • Data mining
  • Business intelligence
  • Tableau and data visualisation
  • Hadoop, SQL, Python, and C#

 

Business Analytics Career Prospects

Business analytics is primarily focused on predictive analytics such as data mining, modelling, and machine learning to extract future predictions. The domain of business analytics focuses explicitly on the daily operations of a company.

Business analysts work to bridge the gap between business and data. They develop models and reports that help organisations make business-critical decisions.

Job profiles-

  • Business Management Analyst
  • Business Performance Analyst
  • Junior It Business Analyst
  • Application Business Analyst
  • Business Intelligence Analyst
  • ITSM Business Analyst

Skills-

  • Interpersonal and consultative skills
  • Analytical thinking and problem solving
  • Knowledge of the business structure
  • Facilitation skills
  • Stakeholder analysis
  • Being detail-oriented

 

Data Analytics Career Prospects

Data analytics is the act of analysing data, which could be collected from any form. Whether it is from a website, app, or even excel spreadsheet, the analysis aims to find meaningful insights, point out deviations in outcomes or even measure performance. Data analytics enables organisations to make better decisions by looking into the data they have.

Data analysts spend their time cleaning and transforming datasets, applying multiple techniques to obtain useful information and establish relevant conclusions.

Job profiles-

  • Analytics Manager
  • Business Analyst
  • Business Intelligence Analyst
  • Data Architect
  • Data Engineer
  • Data Manager

Skills-

  • SQL
  • Microsoft Excel
  • Tableau
  • Python
  • R
  • SAS

 

Takeaway

It seems business intelligence, data analytics, and business analytics share the same goal, even though they may have some differences.

The goal is to understand and apply essential insights to the organisation’s benefit.

Business intelligence, data analytics, and business analytics all play crucial roles in many major industries to maximise profits.

Comment below and let us know, which profile you prefer the most, and what are your thoughts on it?

 

References