Are Business Intelligence & Advanced Analytics the Same Thing?

By PRG (464 words)
Posted in Application Development on June 19, 2015

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Many technical terms used in business management optimization and business analytics can cause confusion for the companies that are in need of project and business solutions services. Two such terms are business intelligence (BI) and advanced analytics. In fact, these two analytical tools are often believed to be the same thing, when they are quite different in terms of the questions answered by the data analyses. To improve your current business management and consider the impact of alternative strategies, comprehensive analytics must be conducted. An ironclad approach to analyzing and optimizing your business is based on harnessing the power of BI and advanced analytics.

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To understand where your business can go, you must understand where your business is and where it has been, which is when BI becomes a valuable tool. When historical and current data is analyzed for trends, it is termed “business intelligence.” By the implementation of standard metrics, BI examines past and current performance and data management by conducting queries and generating reports to determine efficacy and efficiency of employed business strategies. When you need to know the number, frequency, and impact of a specific action, BI can provide that detailed information. If you want to maintain the current level of performance, BI can assist in future business planning. However, to predict what can happen when an alternative strategy is set in motion, advanced analytics is engaged.

Businesses are constantly looking to the future to improve performance and, thus, the overall value of their companies. If you are seeking to alter your company’s current strategy to realize greater gains, advanced analytics will be your key to deciphering which strategies will work prior to execution. Advanced analytics consist of models techniques that determine the outcome of future events and identify crucial patterns when a business is considering a change in a particular business strategy. There are different tools, including the aforementioned predictive analytics that fall under the heading of “advanced analytics,” which include data mining and location intelligence (LI). To understand how to best optimize your business and the risk factors associated with implementing specific changes in strategy, advanced analytics can point your business in the right direction to experience growth.

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At the Project Resources Group, we understand the need to meaningfully manage your company’s data for the benefit of your bottom-line without the extensive trial and error of conducting your own data analyses. Start organizing and utilizing the endless amounts of data you collect without having to be bothered by the workload it entails. Contact the informative specialist of Project Resources Group today by calling (303) 858-1741 for a no-obligation discovery and estimate!

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