Difference Between Business Intelligence and Business Analytics | Manufacturing
There’s a lot of misunderstanding about what business analytics is and how it differs from business intelligence. That is appropriately so, as both terms are used interchangeably, with business intelligence being the broad term that incorporates analytics. However, there are differences.
Business Intelligence (BI) and Business Analytics (BA): The Key Distinction
Business intelligence focuses on assisting with decision-making based on present and historical data, while business analytics is more concerned with anticipating and analyzing future trends. Ultimately, it comes down to the key questions one is trying to answer.
- Business Intelligence: What happened and why it happened?
- Business Analytics: What will happen in the future?
Image Credit: mygreatlearning.com
What Is Business Intelligence (BI)?
Business intelligence is a combination of procedures, strategies, and tools used to transform raw data into useful insights. BI provides businesses with reports, performance metrics, and trends to assist them in making educated decisions in the present. When it comes to manufacturing, BI allows for the consolidation of previously dispersed data on the shop floor into a single, easily-accessible location.
A BI system enables factories to make better use of the data they generate, allowing for faster and more strategic decision making.
The Benefits of BI for Manufacturers
- Monitor equipment, line, and shift performance in real time
- Track scrap and spoilage
- View uptime and downtime trends by employee, machine, and line
- Reduce bottlenecks
- Improve productivity, supply chain management, inventory control, and quality control
- Gain greater insights from the data produced in your factory, helping you to make decisions more quickly and strategically
- Enhance demand forecasting, regulatory compliance, and financial management
What Is Business Analytics (BA)?
Business analytics is the use of strategies and technologies to interpret and analyze historical data and the present business functionality to uncover trends and patterns. BA assists manufacturers in making better decisions for the future and in enhancing or altering their current operations.
The Benefits of BA for Manufacturers
- Driving changes in business
- Identify growth patterns and market trends
- Predict future growth
- Track customer behavior and anticipate ever-changing needs
Data at your disposal?
Bring it to life, and power your operations with the help of Acumence!
The ability to consistently gather and evaluate production data is crucial for manufacturers looking to enhance their operations. Without a complete perspective of the shop floor, it’s impossible to find inefficiencies and optimize equipment and operator performance.
For this reason, over 50 metal packaging plants in 22 countries are using Acumence, a manufacturing business intelligence platform, to monitor their operations in real time. Learn how Acumence assisted Ball Corporation by providing real-time data on downtime, production, and spoilage, resulting in a 3% increase in efficiency.
Contact us today to see how Acumence can deliver the business intelligence you need to optimize your operations!
