Imagine receiving a gift that could change your life; one that could make you see things differently, improve your performance, and provide you with lucrative opportunities for the future.
Now imagine never opening that gift, instead letting it sit there gathering dust.
That gift is your company’s data, and if you don’t spend the time and effort to unwrap, assemble, and use all of the powerful information and intelligence it contains, you are wasting one of your most valuable assets.
Data analytics and business intelligence were once concepts reserved for data-driven behemoths like Amazon and Uber. But companies of all sizes now recognize the value of the insights that can be gained from a thorough, well-organized, and clearly-presented analysis of their proprietary information. That is why companies like Microsoft and Tableau have developed software solutions designed to make it easy for smaller enterprises and start-ups to harness the power of their data.
What are Business Intelligence and Data Analytics?
There is a great deal of fluidity in the definitions of the distinct but related concepts of “business intelligence” and “data analytics.” Sometimes, they are treated as one and the same and called “business analytics.” No matter what you call them, these all involve mining a company’s raw data and information, analyzing it, and structuring and displaying in ways that can inform and improve a company’s operations, strategic vision, and decision-making.
Perhaps the most fundamental distinction between business intelligence and data analytics is that the former looks backward while the latter focuses on the future. Specifically, business intelligence looks at and processes a company’s historical data so that the organization and its employees can understand past performance and improve current performance by identifying problems, shortcomings, and inefficiencies.
Data analytics involves the conversion of unstructured or raw data into actionable information that can inform a company’s decision-making and strategic planning and facilitate course corrections by using that data to anticipate future trends. This involves such practices as data modeling and predictive analytics among other functions.
Intelligence and Analytics Solutions for Small Businesses and Start-Ups
No matter how good you may be at looking at spreadsheets, monthly reports, or other reporting tools, the analysis involved in business intelligence and data analytics is much more complex, nuanced, and multi-dimensional. It also requires the ability to effectively parse that data and put into a format that adds value for end-users.
There are several solutions on the market designed to make business intelligence and data analytics accessible for small and medium-sized enterprises and start-ups. The two leading ones are Microsoft BI and Tableau. This article provides a useful and comprehensive side-by-side comparison of the two options’ functionality, pricing, and support features.
No matter what your business, don’t look a gift horse in the mouth when it comes to your company’s data.