BI & Analytics
Updated On : September 2017What is Business Intelligence and Business Analytics?
Businesses today must be able to gather insight and comprehend the value from every customer interaction with your brand and here is where the BI & Analytics comes into picture.
BI (Business intelligence) is a technology-driven process for analysing data and gathering actionable information which helps in making informed business decisions through dashboards and predefined reports. Whereas, BA (Business Analytics) refers to the technologies, skills and practices for interactive and investigative analysis which are used to derive new insights and drive business planning.
Difference between Business Intelligence and Business Analytics
Business intelligence and analytics both refer to using data to make better decisions. Business Analytics and Business Intelligence are broad terms covering all kinds of technologies and approaches and are often used interchangeably. Though the terms are different they both refer to the similar thing that is using data to solve problems.
Let's see what is the difference between business intelligence and analytics;
Why is understanding data so important for companies?
As the saying goes, "Data Never Dies". Every company understands the value of data gathering and analysis which helps in providing valuable insights. Business Analytics and Business Intelligence assists companies to make the right use of data to reach their goals and hence enhance data governance. We need to understand and gain a clearer and in-depth knowledge about business analytics and BI and its growing need in the banking and financial sector.
The growing need for BI and Analytics solution
Keeping in mind the evolving nature of banking industry, there is a need for a dedicated BI and Analytics solution. This will empower banks and financial institutes to 'Measure, Monitor and Manage' their businesses goals, risks and growth and take right decisions with dashboards and advanced reporting features with deeper insights.
A BI and Analytics solution helps companies reach the right decision makers with actionable information. There is a growing need for BI Analytics solutions in banking and finance sector as in this industry you need to continuously monitor critical measures such as asset quality and risk exposure.
Analytics can provide assistance in various areas in banks ranging from fraud detection and prevention to risk management. It also gives a 360-degree view of customer information and helps in managing internal and external data flow.
What can BI & Analytics do for you?
Currently Business Analytics and BI sectors are advancing at a rapid pace, that is why companies are focusing more on investing in BI & analytics to make better business decisions and take it to the next level of growth and development.
Benefits of Business intelligence and Business Analytics Solution
- Get faster answers to your Business
- Eliminate guesswork
- Better strategic decisions
- Improved Control of operation processes
- Better understanding with 360-degree view of customers
- Cost Reductions
- Business intelligence and analytics lead to ROI
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