ISQA 8016: Homework 1Srihari Leelakrishnan

My initial understanding of BI/BA

Business Intelligence:

Business Intelligence to me is an approach that every organization undergoes to gain

insight on the data collected about their customers, products, suppliers etc. Using this

knowledge organization could exercise various decisions that could bring further growth

or eliminate downfall. The knowledge is presented to the organization executives via

various business intelligence tools like Reports, Dashboards etc. This is done real-time

that helps executives make critical decisions in real-time to reduce cost and prevent any

disaster that is revealed.

Business Analytics:

Business Analytics is a process that is used to predict the future business trends, gain

competitive advantage based on the past data. This process involves applying various

techniques that extends the business intelligence in analyzing the data and applying

various statistical methods to it.

As mentioned in the article businesses from various sectors have started to utilize

Business Intelligence and Analytics to gain critical insights from their current and old

data.

Businesses are extending relationship to several social media partners to gain extended

data about their customers, products etc. Also, the trending technologies and its

adaptation in the market possess various opportunities to organization in conducting

several analyses on their data to make agile decisions and be competitive in the fast

growing market.