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There is not a clear line between business intelligence and analytics, but they are extremely connected and interlaced in their approach towards resolving business issues, providing insights on past and present data, and defining future decisions. What Is Business Intelligence And Analytics?
A business intelligence strategy is a blueprint that enables businesses to measure their performance, find competitive advantages, and use data mining and statistics to steer the business towards success. . Most companies find themselves in the bottom left corner, in the DescriptiveAnalytics and Diagnostic Analytics sections.
Diagnostic analytics: Uncovering the reasons behind specific occurrences through pattern analysis. Descriptiveanalytics: Assessing historical trends, such as sales and revenue. Predictive analytics: Forecasting likely outcomes based on patterns and trends to facilitate proactive decision-making.
Spreadsheets dominate the activities of gathering and preparing data, and performing descriptiveanalytics. Source: IDC, Data and Analytics in a Digital-First World commissioned by Alteryx. Consider how many analytic spreadsheets exist in large enterprise organizations. Spreadsheets are dark matter.
One of the most fundamental tenets of statistical methods in the last century has focused on correlation to determine causation. For example, an analytics dashboard that correlates shipping data gaps in a logistics view could be correlated to quantities released for distribution in a warehouse.
Advanced Analytics Some apps provide a unique value proposition through the development of advanced (and often proprietary) statistical models. These advanced analytics become easy for users to apply in their own analyses. Statistically speaking, you increase your likelihood of success simply by putting your goals on paper.
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