“There’s definitely a huge opportunity for Businesses to Transform their Operations and Decision Making by using Data” - Jerry Yang
A staggering mass of data is generated on a daily basis, in the course of regular business operations. Consequently, data management solutions have emerged as crucial business strategies for comprehending historical and contemporary data and deriving insights. Data Analytics and Business Analytics are two primary subsets of Business Intelligence, under the overall category of data management. Given so, the distinguishing factors between the different concepts is extremely subtle. The confusion is further aggravated because the different terms are often used interchangeably. However, the interconnected nature of Data Analytics and Business Intelligence does not imply that they are same. The issue of Data Analytics vs. Business Intelligence is out rightly a real one. The differences might be minor; however, to overlook the issue of Business Intelligence vs. Data Analytics is to display lack of technical knowledge.
In this blog, we shall decipher the issue of Business Intelligence vs. Data Analytics. We shall consider the point of similarities as well as undertake a comparative analysis between the two. Consequently, we shall undertake a tripartite comparison on the issue of Business Intelligence vs. Data Science vs. Data Analytics.
What is Business Intelligence?
Business Intelligence or BI is the overarching term which encompasses the process of Data Analytics, along with the activities of data storage, data collection and data management. The objective of BI is to transform raw crude data into meaningful and actionable insights. These insights help in driving the decision making process of the organization. Business Intelligence facilitates creation of performance dashboards, identification of market trends and improvement of every aspect of business.
What is Data Analytics?
As the name suggests, Data Analytics refers to the entire process of analyzing data available to you. It covers the issue of data management as well as deals with the processes, tools and techniques which help in analyzing data. The objective of Data Analytics is to discover unseen trends, valuable correlations and patterns from the data. These discoveries, taken together, add up to meaningful insights which help guide business decisions.
What is Data Science?
Simply put, Data Science is the science of data which deals with structured as well as unstructured data. It is the discipline which strives to make optimum use of algorithm, technology and statistics for conducting the analysis of data, predictive modeling, data mining, machine learning and so on. Data Science can be understood as an amalgamation of several disciplines, like: Mathematics, Statistics, Computer Science, Machine Learning, Information Science and Artificial Intelligence.