Advanced analytics consulting

Business intelligence (BI) services and advanced data analytics (ADA) services are both crucial for an effective data and analytics strategy. The major difference between them lies in the fact that traditional business intelligence is suitable for historical descriptive analytics and ADA is used for predictive analytics and prescriptive analytics. Advanced data analytics services employ machine learning and artificial intelligence for data analysis and allow businesses to discover deeper insights compared to business intelligence.

However, you don’t need to choose between them. It’s possible to implement both approaches and reap the benefits from all available data analytics types. Let’s delve into the differences between the two and learn how Yalantis’ advanced data analytics services can be helpful for you.

Specifics and purpose of use

Business intelligence services primarily focus on collecting, organizing, analyzing, and visualizing data to provide descriptive insights into past and current business outcomes and performance. These services often involve creating dashboards, reports, and scorecards to monitor key performance indicators (KPIs) and track business metrics.

The main goal of business intelligence is to facilitate informed decision-making by offering a comprehensive view of operational activities.

Advanced data analytics services dive deeper into data analysis by using advanced statistical and mathematical techniques to uncover hidden patterns, correlations among datasets, and predictive insights. ADA services involve machine learning as service, deep learning solutions, IoT analytics, and data mining services to:

• predict future outcomes and trends
• forecast customer behavior
• identify new business opportunities
• provide clear prescriptions for business process optimization

The primary purpose of an advanced analytics team is to enable proactive decision-making and strategic planning based on predictive insights derived from real-time data.

Methods and techniques

BI services predominantly rely on traditional reporting tools, query and reporting languages, and online analytical processing (OLAP) techniques to generate standard reports, ad-hoc queries, and interactive data visualizations and dashboards. These methods offer a retrospective view of business performance through historical data analysis. BI services are essential for initial data discovery.

ADA services leverage machine learning algorithms such as predictive modeling, clustering, regression analysis, and diverse AI solutions including natural language processing (NLP). Advanced analytics solutions allow organizations to develop recommendation systems and anomaly detection algorithms to extract actionable insights from large and complex datasets. Professional advanced analytics consultancy can be your guide to the intricate world of cutting-edge technologies, helping you compose a feasible implementation plan.

Intensity of decision-making support

BI services typically focus on short- to medium-term decision-making by providing insights into past and current performance metrics. BI helps organizations understand what has happened and why, but it’s incapable of anticipating future trends and customer behavior. Modern enterprises need not only retrospective analysis but also advanced data analytics services and solutions that can be helpful in strategic planning.

ADA services contribute to setting long-term goals by offering predictive and prescriptive insights based on analysis of historical and real-time data. Advanced analytics consulting services enable organizations to thoroughly prepare for developing and integrating an advanced analytics solution by providing a cost–benefit analysis, ROI calculation, and iterative implementation roadmap, taking into account their goals and stage of digital transformation.

Complexity and required expertise

BI services are straightforward and require less specialized expertise compared to advanced analytics services. BI experts possess deep skills in data modeling techniques, data lifecycle management, data visualization as a service, SQL querying, and dashboard development. BI tools often have user-friendly interfaces, making them accessible even to business users without technical skills. BI specialists can also train stakeholders on how to interpret dashboards with ease.

ADA services involve complex statistical modeling, data science knowledge, machine learning expertise, and programming skills (Python, R) to develop predictive models and algorithms. Data scientists and data analysts with a strong background and proven track record in mathematics, statistics, artificial intelligence, and computer science are essential for effectively implementing advanced analytics solutions. Yalantis’ advanced analytics consulting services can assist you in composing a tech-savvy and experienced team of experts to yield successful project results.

Business value

BI services contribute to ensuring operational efficiency, performance monitoring, and informed decision-making at various levels of the organization. By providing timely access to relevant information, BI helps improve business process visibility, resource allocation, and strategic alignment across departments. BI is a routine way of understanding your business metrics at a given moment. It’s important and necessary for any business regardless of its size.

However, limiting your analytics capabilities to BI means depriving your business of additional revenue streams, an opportunity to enhance customer experience, and new product ideas. Think strategically and discover how opting for advanced analytics consulting services now can improve your business metrics in a year or two.

ADA services have a transformative impact on composing a long-term business strategy and facilitating digital transformation initiatives. By harnessing predictive insights and advanced analytics services and capabilities, organizations can:

• optimize marketing campaigns
• increase their competitive advantage
• personalize customer experiences
• prevent and mitigate risks
• drive revenue growth by making accurate and data-driven decisions

As an example of how a business decision can be backed up by advanced data analytics services, consider a scenario where a business faces financial losses due to collaboration with unreliable clients through one of its suppliers.

Business challenge: Recognizing the need to switch suppliers is obvious, but making this decision proactively requires insightful analysis.

Solution: Data scientists can help by developing a supplier risk assessment model. This model can evaluate suppliers based on key factors such as financial stability, reputation, performance history, regulatory compliance, and industry trends. It can then suggest the best candidates for further evaluation through in-person screening.

Value delivered: With this approach, a business owner not only gains insights into the risk posed by an unstable supplier but also receives actionable recommendations for potential replacements. As a result, the business owner can swiftly make informed decisions, avoiding the potential risk of unexpected financial losses and supplier disruptions. And by transitioning to a more reliable supplier, the business can ensure better-quality materials, leading to improved customer satisfaction and overall business success. This is a win–win outcome that not only improves current business performance but ensures a brighter future.

While both business intelligence services and advanced data analytics services are integral components of data-driven decision-making, they differ drastically in their business impact. While BI services focus on descriptive insights and operational reporting, ADA services enable predictive and prescriptive analytics to drive strategic decision-making and allow businesses to be more ambitious and risky when setting goals.