1. Advanced Analytics :
Advanced analytics goes beyond commercial enterprise intelligence by means of the use of state-of-the-art modelling strategies to predict future activities or find out patterns which can’t be detected otherwise.
Advantages of Business Intelligence:
- BI is focused on providing insights based on historical data, allowing businesses to understand trends and patterns in their operations.
- BI provides a comprehensive view of the organization’s operations, allowing managers to understand performance across multiple departments and functions.
- BI can help identify opportunities for cost reduction and process improvement, leading to increased efficiency and profitability.
Disadvantages of Business Intelligence:
- BI is focused on historical data, which may not provide an accurate picture of current or future conditions.
- BI can be resource-intensive, requiring significant investment in data collection and processing, as well as specialized software and hardware.
- BI may not provide the level of detail or granularity needed to address specific business challenges.
2. Business Intelligence :
Business intelligence or BI historically focuses on the use of a constant set of metrics to measure previous overall performance and information commercial enterprise planning. It consists of querying, reporting and online analytical processing or OLAP.
Advantages of Advanced Analytics:
- Advanced Analytics is focused on predictive and prescriptive analysis of data, allowing businesses to anticipate trends and make informed decisions.
- Advanced Analytics uses advanced statistical and mathematical models to analyze data, providing more precise insights than traditional BI methods.
- Advanced Analytics can help identify opportunities for growth and expansion, as well as potential risks and threats to the organization.
Disadvantages of Advanced Analytics:
- Advanced Analytics can be more challenging to implement than traditional BI methods, requiring advanced data processing and analytics technologies.
- Advanced Analytics requires significant expertise in data science, making it more difficult for organizations to build and maintain a capable team.
- Advanced Analytics can be resource-intensive, requiring significant investment in data collection and processing, as well as specialized software and hardware.
Similarities between Advanced Analytics and Business Intelligence :
- Both Advanced Analytics and BI involve the use of data analysis to provide insights that can help organizations make better decisions.
- Both approaches use advanced statistical and mathematical models to analyze data.
- Both approaches require significant expertise in statistical analysis and data science.
Difference between Advanced Analytics and Business Intelligence :
| S.No. | Advanced Analytics | Business Intelligence |
|---|---|---|
| 1. | It is future events oriented. | It is rear view oriented. |
| 2. | It includes Big Data but not frequently use. | It works more frequently with Big Data. |
| 3. | It contains both, structured Data Types & Unstructured Data Types. | It contains structured data types mainly. |
| 4. | In this, knowledge is automatically generated. | In this, you have yo manually generate knowledge. |
| 5. | Business Analyst and users, Data Scientists are the major users of it. | Main Users including Business users. |
| 6. | It uses Proactive management approach. | It follows Reactive business strategies to process information. |
| 7. | It has Some common type of questions such as What happened, When? | It includes questions such as What is next? What will happen after this? |
Conclusion:
while both advanced analytics and business intelligence involve data analysis, they are fundamentally different in their scope, methodology, and purpose. Business intelligence is used for monitoring and improving business operations, while advanced analytics is used to predict future outcomes and prescribe actions to achieve better business results. Both approaches have their strengths and weaknesses, and organizations should choose the one that best suits their needs and goals.