Business intelligence (BI) is a process which involves data analysis of business information which comprises of strategies and technologies to process the data and presenting actionable information to help the entrepreneurs to make business decisions.
The functions of BI include data processing, reporting, data structuring, statistical analysis etc. BI technology helps in analysis of structured as well as unstructured data to identify, develop and also create new strategies and business opportunities.
Business Analytics (BA) is an advanced level of BI which involves various skills, technologies and other practices for continuous investigation of past business performance. BA makes extensive use of reports, statistical analysis etc to make the best business decisions.
BI helps in understanding what happened, how often and where the problem is, whereas BA answers the questions like why it is happening, impact of such happenings, prediction of what can happen next and what is the best solution for it.
Components of Business Intelligence
Querying: It is the activity of obtaining information and resources that can help us to process it so analysis of same can be carried through
Reporting: The data that has been processed, structured and analysed will be reported as the results. This comprises of interactive scoreboards, dashboards, presentations, budgeting, planning, etc
Online Analytical processing: The definition of multi-dimensional models can be given with the help of advanced analytical processing. This process shall also involve business reporting, management reporting, forecasting and financial reporting, Leverage your existing Database expertise and software investment etc.