Analyzing your data with business intelligence is the 17th reason to go beyond TEM and manage the enterprise digital footprint.
With every business, comes a need for a comprehensive, detailed data strategy. In order for enterprises to keep up with competitive markets, and remain ahead of the game in their IT and business strategy, you’ll need to conduct some sort of analysis. The goal of business intelligence as well as business analytics boils down to a need for organizations to make well-informed business decisions. Without all of the right information properly displayed in front of decision-makers, moving forward with the best possible strategies and tactics in place will be nearly impossible.
The first step to proper data visualization involves understanding the difference between business intelligence and business analytics. Each of these tactics involving exploring, organizing, and analyzing a variety of data. They’ll both provide you with the data necessary for effective strategizing and decision making, only in different ways. Often thought of as having the same meaning, BI and BA are in fact two entirely separate kinds of data analysis.
Business Intelligence can be thought of as a way of looking back on the past, and the present situation where the company stands. This method focuses primarily on painting a picture of the current state of the organization, how things are currently running, and how they have in the past. Essentially, BI deals with historical data, so it won’t deliver the answers to your problems on a silver platter. Some benefits of business intelligence are that you’ll be able to identify changes on your own that have occurred in the past, and you’ll have all the data required to think about and decide on what changes to make from here on out. BI has also been called “descriptive analytics,” because of this focus on what has happened, and what’s currently happening in the company. While this kind of analysis won’t be able to inform decision-makers about what exactly needs to be done, this data can be used to discover key trends and indicators of a need for change. That’s where business analytics come in.
When it comes to business analytics, we shift our perspective in a different direction. Rather than focusing on the past and present situation, business analytics, also known as “predictive analytics,” looks towards the future and helps to make effective and future-focused business decisions. The predictive modeling provided by BA allows businesses to make data-driven decisions by forecasting future results. Setting up an efficient IT strategy is made a lot easier when predictive analytics are involved. Unlike BI, business analytics involve a much more in-depth look at not only the data in front of you, but what exactly should be done with that data to improve processes and eventually bring you return. In the long run, BA can bring organizations significant return through establishing direction and helping weed out uncertainties and misinformation. The most efficient processes as well as the least efficient will be clearly defined for you, with the goal of taking steps towards a better future.
The Past, Present, and Future All Play a Role
In the end, each of these forms of analysis have the same common goal of improving overall efficiency, from saving you money to saving you time. Both involve an in-depth analysis of the seemingly endless wave of information and data that businesses are often forced to sift through when it comes to decision-making. In order to avoid becoming overwhelmed by your data, a key step will be to look towards business intelligence and data analytics tools which can offer a way of visualizing your data in a clear and concise way. By gaining a solid grasp on your data, you’ll be able to discover trends and patterns from your past and present, helping you look forward into the future with well-informed decisions. Depending on how you plan to strategize, business intelligence, business analytics, or a combination of both might work best for you.
Take a look at some of the different solutions available that include some form of BI or BA in order to ensure that you’ll be well equipped for the future. You might want to consider a Technology Expense Management solution with data visualization. Focused on saving you money, saving you time, and keeping track of all your IT assets and services, a TEM platform will provide you with all of the necessary information to improve overall efficiency.
If you’d like to learn more about TEM and the advanced analytics that come with it, feel free to contact us.
AUTHOR: Victoria Lewin
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