What is Business Intelligence (BI)?
Business Intelligence is the combination of tools and best practices to enable smarter data analysis – and the practice of using that analysis to ultimately enhance business performance. Business Intelligence, first coined as early as 1865, has gained momentum as a concept over the past 30 years. With the huge focus on Big Data (pun intended) over the past decade BI has become even more prevalent. Modern BI tools are software applications that empower non-technical users to access, analyze, interpret, and share information in order to make data-driven decisions.
What is the difference between Business Intelligence and Business Analytics?
The difference between Business Intelligence and Business Analytics (BA) is timing. Business Intelligence uses both past and present data to make informed decisions about current issues. Business Analytics uses the past to analyze the present to make decisions for the future.
What is the difference between Business Intelligence and Business Reporting?
Business Intelligence is more strategic, while Business Reporting (BR) is tactical. Business Intelligence analyzes current and past data, which informs and provides context to the decisions businesses must make. Business Reporting uses past and current data to illustrate progress and current status.
“Data is what you need to do analytics. Information is what you need to do business.” – Josh Owens