With a myriad of terms being used regularly in the world of business, it is quite common to get confused amidst all the jargon. While thousands of terms have been in use for years, tens of them come into existence every other day as well, making it very hard to keep up. To ensure that you can run your operations well in today’s fast-advancing world, it is important to understand all relevant terminologies.

A common confusion among people who are new to the business arena is with regards to the terms “Business Intelligence” and “Big Data.” But not anymore. Let us take the liberty of defining, comparing, and contrasting the two terms for your better understanding.

Big Data

The three primary properties which are commonly used to define big data, or BD, are volume, velocity, and variety. This is what makes BD significantly different from the previous data of your organization, for which tools like Excel were more than sufficient to manage. BD is extremely beneficial for businesses since it provides insights which could not be accessed or analyzed in the past. These insights, once determined and put to good use, allow for better decision-making and can have a strong impact on changing the entire future of a business.

Fundamentally speaking, however, BD, as the name suggests, is just data in huge volumes that is relevant to the business or the entire industry. However, these huge chunks of data would mean nothing for your organization if there was a lack of tools to analyze them and generate automated reports. And this is where business intelligence comes into the picture.

Business Intelligence

Business intelligence, or BI, with its hundreds of tools, is what makes it convenient for companies to analyze the data they possess, generate reports, and extract meaning out of the available information. Simply put, if you consider BD as a huge piece of marble, then BI can be taken as the equipment and the craftsman who turns it into a stunning statue. Through analysis and reporting, therefore, BI tools essentially turn the available data into meaningful information and insights which help in designing the future strategies for business growth and expansion.

What This Means for Businesses Today

As evident from the information mentioned above, big data and business intelligence must work hand-in-hand for the optimum performance of your business. It is imperative to understand the reliance of one on the other, as only then will you be able to appreciate each. Using business intelligence and the tools that it has to offer to analyze and generate meaningful reports on the available data is imperative if you wish to stand out from the rest of the competitors in the market. Being ignorant of all this is a surefire way of putting yourself on the track to failure.

Take-Home Message

Now that you have sufficient information about both the terminologies, it is highly recommended to make a thorough analysis of where your organization stands as far as its data is concerned. Would you like to be ignorant or would you rather implement the right ExistBI solutions to get the most out of your big data? The decision lies in your hands, so choose wisely if you want to see your business prosper in the future.