Business data analytics often gets used interchangeably with “business intelligence” in the world of modern business. But, while the two share similarities, there is a distinction between them.
In this article, we’ll draw that distinction more clearly. We will also share the three major benefits that business data analytics can have in your company. Let’s get down to business!
What Are Business Data Analytics?
Business intelligence and data analytics refer to a set of tools and processes that allow organizations to gather, store, access, and analyze data to make better decisions.
Yet, there is a key distinction between the two. Business intelligence focuses on historical data and reporting.
Data analytics uses artificial intelligence (AI) and machine learning algorithms to identify patterns and trends. This gives businesses the ability to make predictions about future outcomes.
This predictive capability is what sets data analytics apart from business intelligence. It’s why data analytics is building steam in today’s data-driven economy.
Organizations of all sizes are using data analytics. They do it to improve their operations, make better decisions, and gain a competitive edge. Here are a few major benefits of using it in your business.
Modeling and Automation
Business data analytics extracts useful information to improve business operations. It offers the benefit of modeling, or the ability to create a representation of data that can be used to simulate real-world scenarios.
This helps businesses to understand how data affects their bottom line. It tells businesses how to make better decisions about allocating resources.
Business data analytics also helps with automation. This is the ability to execute tasks based on data insights.
This helps businesses to save time and money by taking repetitive tasks away from employees. Using automation as much as possible on such tasks allows your employees to optimize your operations and improve the bottom line.
Better Understanding of Consumer Behaviors
ERP software provides your business with the tools it needs to collect, process, and analyze data. This data allows you to better understand consumer behaviors. It enables you to make informed decisions about marketing and sales strategies.
The best aerospace ERP software, for example, helps track inventory. It allows you to watch supplier performance, and optimize production and manufacturing processes. In short, it provides the information you need to make your business, no matter the industry, run more efficiently and effectively.
More Insightful Decision Making
Business data analytics use technology to create a scientific process for your business. That includes inspection, cleaning, transformation, and modeling of the data your company generates. Your goal: create useful information that can suggest conclusions and support decision-making.
ERP integration facilitates trendspotting, diagnosis, predictions, and implementation. You can use it at a sky-view level to determine the best moves to make at a granular level.
Understanding Business Data Is Key to Growth and Success
Embracing business data analytics is vital to the success of any organization. Your competitors are already doing it. If you’re not, you’re giving them the keys to the kingdom.
Want to understand other ways that this can work for you? Check out some of our other business technology posts!