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Business Analytics vs. Business Intelligence: What will Boost Your Business Growth?

Often business intelligence is confused with business analytics, the reason being that both are superficially similar and influence the data strategy adopted by companies. Let us first understand theFree demo fundamental difference between the two, to identify how each influence the growth of a company.

 Business Analytics and Business Intelligence – How are they different?

  • Business analytics is used to analyze historical data to predict the future business trends; whereas, business intelligence solutions help to collect and analyze the current, actionable data that can be used by businesses to get insights for improving their business operations
  • In business intelligence, the data is collected from some sources like questions, reporting, and online analytical processes. However, in business analytics, statistical and quantitative data are used for explanatory and predictive modeling
  • Business intelligence is a broader concept when compared to business analytics since it uses a wide range of tools and methodologies to help companies formulate an effective data strategy.

Making A Choice Between Business Intelligence and Business Analytics

Business intelligence and business analytics serve different purposes for a business. Therefore, it is essential for companies to carefully understand which data strategy best suits their business model and adopt the same accordingly. Let us discuss a few features of business intelligence and business analytics that companies can keep in mind while making a choice:

  • BI is evolvingOver the years business intelligence tools have evolved and become much more user-friendly. Earlier, companies had to depend on data scientists to use BI systems and build dashboards; however, today they are automated, which make the day-to-day use of business intelligence tools easier for companies.
  • Business Analytics and Social Platforms Social media platforms have gained exponential popularity over the years. This has forced most of the companies to mark their presence on different social media platforms. Business analytics helps companies to integrate social networking and decision-making capabilities to identify gaps in customer requirements and formulate the necessary strategies
  • Faster Pace of Business AnalyticsBusiness analytics can process data at a much faster This is highly essential considering the huge volume of data that are available for a company. Today there are various analytical tools that can be used across IT teams, which makes it easier for companies to carry out analytical tasks easily.
  • BI as a Gateway to Business AnalyticsBusiness intelligence uses basic calculations to derive strategies; whereas, business analytics utilizes various mathematical models to help formulate strategies. Though BI tools play a major role in an enterprise, their capabilities are limited when compared to analytics.

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Collaborative Business Intelligence – The Collective Power of Multiple Minds

Collaborative business intelligence reinforces the meaning of the phrase “the more, the merrier.” Traditional business intelligence tools are more solitary and conclusion-based. The art of brainstorming and collaborative decision-making is largely diminishing with increasing use of business intelligence tools. Companies are now shifting their focus towards collaborative business intelligence tools like social and Web 2.0 technologies, where merging of various business intelligence software takes place to support improved data-driven decision making. Such tools allowFree demo various internal stakeholders to analyze data and exchange information and ideas much like how social networking tools, Wikipedia, SlideShare, and Skype for Business works. Such a collaboration can boost the overall business productivity in the following ways:

Eliminate Poor Business Decisions

Quite often, the process of decision-making happens outside organizational business intelligence platforms, creating a wide gap between human insight and business data. Individuals derive conclusions from the BI tools and communicate it to other team members who have not accessed the data. Collaborative business intelligence ensures that business decisions are made alongside business data to promote fact-based decision-making.

Eliminates Logistics Hurdles

Collaborative business intelligence tools eliminate the need for making costly travel and accommodation arrangements for hosting a meeting, saving significant cost and time. It also renders traditional mode of communication such as telephone, fax, and face-to-face meetings redundant. All relevant stakeholders can communicate effectively without any geographical barriers; thereby, increasing business productivity.

Information Proliferation

The implication of the word collaboration is not only limited within the internal stakeholders but also across organizational boundaries. People are eager to share BI tools that are easy to use with their clients, peers, and other contacts. The sharing of such observations, data, and insights adds to your overall data warehouse providing industry, economic, and psychographic information.

For more queries on collaborative business intelligence and choosing the right tool for your organization:
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Customer Analytics and Business Intelligence Solutions – Understanding the Dynamic Consumer Demographics in the Retail Industry

Quantzig’s recent study on customer analytics and business intelligence solutions for a global retail leader guarantees 12% increase in sales including many other benefits.

How does customer analytics work?

Customer analytics process includes techniques such as data visualization, information management, and predictive analytics to offer insights on the market. The solutions offered through these market analytics helps revolutionize the approach organizations take to identify customer needs and behavior. These solutions help large retail companies to compare products, prices, brand, and competitive offerings to gain a deeper understanding of customers’ buying habits and lifestyle preferences. Industries such as retail and CPG, banking, insurance, and telecommunications benefit the most from these business solutions.

Predictive analytics is trending in the business intelligence solutions market, helping enterprises to draw accurate predictions about the future consumer buying preferences. Various models used in predictive analysis are primarily designed to serve existing customers better, prevent attrition, and build stronger relationships. These business solutions collate historical and current data to offer insights on risk assessment and alternative strategic resolutions. Organizations are benefiting from these models and are extensively using them to prepare, blend, and analyze all customer data from various channels and systems.

Exploring the future growth opportunities

Market analytics experts at Quantzig help businesses to understand the dynamic demands of different customer demographics based on the in-store customer experience. Tackling issues such as stagnant revenues and declining customer satisfaction levels can play an important role in determining the growth or decline of any organization. To overcome these roadblocks in businesses, retailers need to analyze real-time, the in-store behavior of customers based on their demographics, purchasing history, marketing promotions,  response time, and dwell time data to optimize their experience, shopper traffic, and sales.
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Evaluating purchasing power and store design

Customer analytics engagements help organizations offer better customer service by studying purchasing behavior and evaluating how the store format impacts product sale. The identification of potential areas of improvement for store design will significantly increase consumer attraction and sales. The development of various business intelligence solutions that analyze and target customers based on in-store activity improves customer footfall and optimizes offers and discounts to boost sales.

Outcomes, insights, and solutions offered to a leading retailer

With hands-on expertise in customer analytics, Quantzig provided objective elucidations that resolved the issues pertaining to the changing consumer demographics and helped a leading retail company to maximize revenue and sales. Some of the solutions offered are as follows:

  • Insights on product location, sales, and associated customer behavior, such as footfall, the length of stay, visit frequency or loyalty, and purchase volume thereby, increasing sales volume by almost 12%
  • Develop a complete picture of user interactions based on demographic and purchase behavior to accurately identify customer needs and interests. This strategy improved consumer footfalls by around 7%
  • Identify product assortment issues in terms of average transaction volume or amount to improve space productivity
  • Improve cross-selling and up-selling based on targeted offers by almost 10%
  • Recognize the departments that the customers visit and gain insights into customer flow analysis, store penetration, and the time spent in each department
  • Provide sales forecasts at category and product level for better business planning
  • Improve product bundles and price modifications based on customer feedback and product reviews

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The complete case study on customer analytics and business intelligence solutions for a leading retail chain is now available on the website.

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For any queries, reach us at – hello@quantzig.com

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