Business Intelligence (BI) is the collection of applications, tools, and strategies used to analyze and improve business decisions and performance.
A BI Dashboard combines key data points and metrics that represent certain aspects of performance or show the overall snapshot of the company. BI Dashboards can be personalized for the business and can include historical data to give context.
Data Analytics is the process of examining data to discover trends and draw conclusions about the information they contain. This is typically done by businesses and governments with specialized software to easily sort through and evaluate big data to make key decisions.
Predictive Analytics is the process of gathering historical and current data to predict future behavior and trends. This process is typically used by businesses to forecast consumer demands, opportunities, risks, or other events through data mining, and statistical modeling.
Data Warehousing is the storage of large amounts of data, which can then be used to run various queries. The three steps to create a data warehouse are:
From there, you can analyze data based on the metric(s) you are looking for.
Big Data refers to the large amounts of data collected from various sources that can be used for analysis. Big data can reach into the petabytes and is collected from a wide range of sources such as web traffic, social media interactions, financial transactions, and more. Companies often utilize big data to learn more about their customers and to develop new products or services to meet or anticipate their needs.
Data Mining is the process of working with large datasets to find useful information. Businesses can use data they collect to learn more about their customers to develop new products, services, or marketing campaigns.
Both options have unique benefits and drawbacks and allow the user to analyze large amounts of data to gain a better understanding of their customers or of the market as a whole. No matter which option you choose, it is imperative that you utilize business intelligence software in one way or another.