Big data, business analytics, business intelligence, I kept hearing those buzzwords everywhere.
Finally I said – what the heck is Business Analytics? So I did what every good researcher does.
I googled it.
Here is the definition that populated:
“Business analytics (BA) is the practice of iterative, methodical exploration of an organization’s data, with an emphasis on statistical analysis. Business analytics is used by companies committed to data-driven decision-making.”
It took some digging and then the heavens opened up, it finally made sense. I felt it necessary as a good public servant to send out an easy to understand translation on business analytics, and how it can positively impact your bottom line.
Here it is:
Business Analytics (BA) is the collection of data. What data you ask, (so did I)? Short answer – all data!
Any time you visit a web page, shop online, or look at a post on social media, that is data. This information gets pushed through a system that crunches the numbers and gives you back (more) data on what is working best for your business.
It’s like magic, and it takes away the guessing game of effective vs ineffective business practices.
This is a game changer for people working in advertisement. Scratch that, this is a game changer for every business. Used correctly “Big Data” allows for increases in revenue and company growth.
Once you have BA’d the stuff out of your data, you then call in the Business Intelligence (BI). You can choose to purchase a BI system or you can call in the really smart guys (that likely created the tech) to guide you on the next most effective strategy for your company.
BI interprets the big data and assists in identifying new strategic business opportunities. The end goal is to increase business insight, provide a competitive market advantage, and ultimately increase the odds of long-term company stability.
Sometimes first impressions are wrong.
Big data, business analytics, business intelligence – makes sense.