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Business intelligence vs business analytics
This document discusses the differences between business intelligence (BI) and business analytics. BI involves monitoring and tracking metrics through reports and dashboards, while business analytics takes the analysis further by correlating metrics, understanding trends, and using statistical algorithms to predict outcomes. The document then provides details on building strategies around BI and analytics, including identifying problems, understanding current systems, creating a roadmap, categorizing problems as operational, tactical, or strategic, prioritizing metrics, assessing readiness, establishing benchmarks, monitoring performance, and citing additional resources.
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Business intelligence vs business analytics
- 1. BUSINESS INTELLIGENCE VS.BUSINESS ANALYTICS AND BUILDING STRATEGY AROUND Suvradeep Rudra Business Systems Analyst - Analytics
- 2. Agenda • Definition BIvs. BA • Deep Dive – BI Vs. BA • Intelligence Vs. Analytics • Building Strategies
- 3. BI Vs. BA Differencebetween „Business Intelligence‟and „Business Analytics‟ and not many in the industry understand that. Monitoring and tracking metrics/KPIs in the form of reports/dashboards is „Business Intelligence‟, but making meaningful sense of these metrics, co-relating them with other factors that influence them, understanding the trends and using statistical algorithms to predict outcomes is where the bang for the buck is…and that is „Business Analytics‟ By - smartdatacollective.com
- 4. Intelligence vs. Analytics TraditionalBI • Standard reports and dashboards • Ad hoc reports – Current performance • Query Drill down • Cube analysis – Slice and dice • Alerts Vs. Business Analytics • Statistical Analysis • Forecasting • Predictive modeling • Optimization
- 5. Building Strategies -Explore Identify the pain point and define problem scope • Performing an analytics readiness assessment of the current state of your organization--including technology, business, and data • Identification and optimization of the true drivers of financial performance and cost efficiencies
- 6. Building Strategies -Currents systems Understand currents systems in place and various data points. • Data collection • Data overlap • Type of problems with data • Any transformation needed • Typical data volume • Limitation due to data problem
- 7. Building Strategies -Roadmap Create implementation roadmap and develop analytics. • Architecture diagrams – Current, Future and intermediate phases • Logical • Heat Maps – Coverage of data in Red/Yellow/Green • Data flow diagrams – facts, masters, volumes • Metadata Management • ETL frame work • Security Architecture • Data Quality and Governance • Test Strategy • Developing the Reporting Strategy /Global Reporting Design • Reporting Implementation
- 8. Building Strategies -Categorization Categorized the problem identified in to Operational ,Tactical or Strategic • Operational - This analytics type tends to assist in “business as usual” situations where basic corporate metrics are reported and visualized. » Reporting of the “here and now” metrics • Tactical - This analytics view is usually longer term and focuses more on analytics to assist management in tackling problems, often including fairly simple predictive models based on past historical performance. » Even driven Analytics » Monitoring / Web analytics » Ad Hoc Analytics • Strategic - This type business analytics can play a vital role in helping a company make dramatic decisions affecting the strategic direction of the organization » Comparative analytic » Predictive analytics
- 9. Building Strategies -Prioritize Metrics Identify and prioritize metrics to be developed in each category. • Identify optimization opportunities • Categories and types of business analytics
- 10. Building Strategies -Readiness Develop a plan for IT readiness, Business readiness, Technology readiness Data readiness • Rough timeline • Cost estimates • Data services needed • Software needed • Training needed • Resources – Statistician – Database programmer – Programmer/application developer – Business Analyst – Project manager – Product manager – Trainer
- 11. Building Strategies -Benchmark Establish a benchmark and quantify benefits. • Return on Investment • Revenue • Profitability • Cash Flow • Productivity • Long-term Planning • Other metrics specific to your organization
- 12. Building Strategies -Monitor • Monitor and improve performance.
- 13. Resources and Bibliography •SAS – http://www.sas.com • Smartdatacollective – http://smartdatacollective.com • Data Informed – http://data-informed.com/management • Marketstrategies.com – http://www.marketstrategies.com/en/methods/ quantitative.aspx • Cogentdataanalytics – http://www.cogentdataanalytics.com/glossary/d ata-mining.php
- 14.
Editor's Notes
- #2Â This template can be used as a starter file for presenting training materials in a group setting.SectionsRight-click on a slide to add sections. Sections can help to organize your slides or facilitate collaboration between multiple authors.NotesUse the Notes section for delivery notes or to provide additional details for the audience. View these notes in Presentation View during your presentation. Keep in mind the font size (important for accessibility, visibility, videotaping, and online production)Coordinated colors Pay particular attention to the graphs, charts, and text boxes.Consider that attendees will print in black and white or grayscale. Run a test print to make sure your colors work when printed in pure black and white and grayscale.Graphics, tables, and graphsKeep it simple: If possible, use consistent, non-distracting styles and colors.Label all graphs and tables.
- #3Â Give a brief overview of the presentation. Describe the major focus of the presentation and why it is important.Introduce each of the major topics.To provide a road map for the audience, you can repeat this Overview slide throughout the presentation, highlighting the particular topic you will discuss next.