Characteristics Of Business Analytics And Business Intelligence
Changes are constant in life and cannot be changed. It occurs in the form of evolution. Evolution in any form has always proved to be more advantageous than being drawback although some evolutions like the volcanic eruptions or formation of continents occur at a slowly while some like the evolution in technology or in automobiles occur at a heated pace. Business analytics is the science of utilizing the skills, technology and practices for continuous iterative research of past business’s data and statistics and use it to drive business planning. Business analytics and business intelligence go hand in hand as business intelligence are the basic set of tools and information that are used to transform raw data into meaningful information …show more content…
Business intelligence is pretty much the same as the “Military Intelligence” which gives commanders at every stage of a campaign a good view of the battlefield and the pros and cons of their options, business intelligence gives you information and data that a company uses in the process of decision making. The idea is that BI aims to support better business decision-making. Fig-I: Characteristics of Business Intelligence
As the above Fig. depicts, business intelligence has characteristics such as helping for real-time analysis, identifying waste in a system, reduce the risk of bottlenecks and much more. Like everything Business Intelligence has also evolved through ages improving its characteristics and features through its process of evolution.
The next few sections of the article is going to deal with the evolution of business intelligence through ages.
The Three Phases of Business Analytics
Descriptive Analysis: Fig-II: Descriptive Analytics of Raw …show more content…
Business Intelligence during the Industrial Era:
Frederick Winslow Taylor one of America’s first management consultants and one of the leaders of efficiency movement used his ideas to device a certain set of rules known as the principles of business management.
The four overriding principles of scientific management are that:
• Each part of an individual 's work is analyzed 'scientifically ', and the most efficient method for undertaking the job is devised; the 'one best way ' of working. This consists of examining the implements needed to carry out the work, and measuring the maximum amount a 'first-class ' worker could do in a day; workers are then expected to do this much work every