Written by Ana Canteli on 18 November 2022
Business Intelligence (BI) is the set of strategies, methodologies, and technical means to create and manage knowledge through an organization's data. In short, it is about enabling data exploitation to improve solid decision-making.
In any organization, vast amounts of data are produced every minute, every hour, and every day. Some of it can be valuable information captured at the right time. When analyzed and strategically used, it can improve the company’s performance, online presence, or position in the market.
Business Analytics (BA) is the set of means and practices to investigate an organization's past performance to gain insights and prepare the best organizational plan possible for the future. For this purpose, BA relies on data and statistical methods.
What is the difference between business intelligence and business analytics?
Business analytics is a subset of business intelligence, a data management solution that includes business intelligence and business analytics.
BI combines business analytics, data mining, data visualization, tools and infrastructure (databases), and best practices for making data-driven decisions. It concentrates on the present and aims to answer what and how questions.
On the other hand, BA takes the organization's raw data and converts it into actionable and valuable information while detecting trends and generating predictive material to base organizational plans. It seeks to answer the whys and focuses on the past to prepare plans.
If you have an overview of the organization's data dashboards and can use them to drive change, eliminate errors, and adapt quickly to market trends or changes in the supply chain, you have a good BI in place.
Otherwise, it’s something that every organization should have, and the OpenKM and Acelera Pyme programs can make that happen.
Given that business analytics is a subset of business intelligence, learning more about the topic reveals the aspects needed for BA to transform data into usable actions:
The benefits of business intelligence can be felt in the day-to-day running of the organization.
Business intelligence allows an organization to combine all internal and external databases and obtain a previously inaccessible combination of data. Every action of a customer, an employee, or a supplier generates high-value information that, due to its dispersion, large quantity, and diverse quality, would be impossible to consider if it were not for this new data management solution.
BI solutions are designed to analyze large amounts of data - in the cloud or on the server - from multiple, combined sources. They store them in a unified way to analyze data based on user queries, which can lead to substantial improvement in process management.
OpenKM, a digitizing agent within the Digital Kit program, is registered in the Business Intelligence category and other exciting and compatible categories such as Electronic Invoicing and Virtual Office.
Applications are currently open for Segment II beneficiaries (companies with 3 to 9 employees) and Segment III (companies with between 0 and 3 employees).
These organizations, based in Spain, receive non-refundable grants of between €2,000 and €6,000.
The OpenKM platform has all the necessary functionalities to create a customized business intelligence and analytics platform.
OpenKM is committed to adjusting the price of our products and services to the budget of the digital voucher, so we encourage you to take advantage of this unique opportunity while this offer lasts.
Contact us to find out how to apply for the subsidy.
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