BI, Analytics & Performance Management

Your organization may generate an overwhelming amount of data on a daily basis. Data can come in from various sources in the organization viz. manufacturing, sales, marketing, finance, IT and HR.

To solve this pain point of organizations to handle and manage this data, there are various advanced software tools. These tools are mainly categorized as Business Intelligence (BI), Business Analytics (BA) and performance management softwares.

The tools assist in collecting, storing, modelling and visualizing data to provide metrics on decision-making to predict outcomes. However, there is a thin line distinguishing one form the other. Let’s dive in further to understand what each tool can achieve for your business.

Business Intelligence :
Used mainly for descriptive analysis, using past and current data sets. With BI you can choose different algorithms to model data based on the required output. Data modelling can be applied to potentially huge, unstructured data sets, and covers querying, data mining, and reporting. It informs, what is working or not working for the organization. BI assist in the change making process.

Business Analytics :
It is a sub-set of BI which is used for predictive analysis, for future outcomes. BA makes use of data mining, modelling, machine learning (ML) and artificial intelligence (AI) platforms. It explores your company’s data, with a view to drawing out vital insights to improve business planning and boost performance. Business Analytics gives a report output in the form of dashboards and graphics which are easy to use.

Performance Management :
If you still manage performance with excel sheets? It’s time to switch. There are software management tools to check the performance of organization, a department, an employee, or processes in place to manage particular tasks. Performance management helps in planning, monitoring, rating, developing and rewarding.