1. Business Intelligence :
Business Intelligence or BI is a technology-driven procedure for examining information and imparting actionable information which helps executives, managers and different company end-users make knowledgeable commercial enterprise decisions. It is a software program and offerings to radically change statistics into actionable insights that inform an organization’s strategic and tactical commercial enterprise decisions.
BI equipment gets right of entry to and analyzes records sets and existing analytical findings in reports, summaries, dashboards, graphs, charts and maps to supply customers with targeted intelligence about the state of the business. The term business intelligence frequently additionally refers to a variety of equipment that furnishes quick, easy-to-digest get right of entry to insights about an organization’s cutting-edge state, primarily based on reachable data.
2. Predictive Analytics :
Predictive analytics is the use of data, statistical algorithms and computing device mastering strategies to discover the probability of future consequences primarily based on historic data. The purpose is to go beyond understanding what has taken place to present an excellent evaluation of what will occur in the future. Predictive Analytics is hot trouble in today’s commercial enterprise and statistics science world.
Predictive analytics goes past these backwards-facing views and makes use of the statistics you already preserve in your commercial enterprise to seem ahead and inform you what’s going to manifest in the future. Not solely that. Predictive modelling approves you to predict the future outcome, it can additionally inform you what’s the subsequent great factor that ought to occur in the future.
Difference between Business Intelligence and Predictive Analytics :
|S.No.||Business Intelligence||Predictive Analytics|
|1.||It is about descriptive analytics or searching at what happened.||
It is about discovering hidden patterns the use of complicated
algorithms that help to predict future outputs.
|2.||With the assist of BI, raw data can be processed to information related to the product, client, region, the quarter for income etc.||Using Predictive analytics, raw data is converted into “cleaned Data” by algorithms.|
|3.||It helps people to assist in making decisions on what they can do for getting into insights.||In this, the model tells us the best decision in a particular situation based on existing data.|
|4.||It helps people to get insights to solve any business problem.||It helps to detect the complex problem with the help of algorithms.|
|5.||It has Ad-hoc reporting technology, alerts technology etc.||It includes technologies like predictive modelling, forecasting etc.|
|6.||It has data types such as structured data and data sets which can be managed.||It contains both structured and unstructured data and has massive data sets.|
|7.||Some Common types of questions include How many did we sell?||Common questions in predictive analytics are what will be the optimum case for our business? Why this is happening?|
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