We have so many new data related terms being thrown around that many are confused about the true meanings and often use multiple terms interchangeably. One example that I recently come across were the terms data analytics and business analytics. I’ve asked some of my clients about how they define the two terms but I haven’t come up with any noticeable differences.
Here is my take on what they mean.
It is a subtle difference that is partly about the mindset of the analyst. Data analytics concentrates on what the data tells us. I can know what’s happening, when it happens, how much happened, why it happened, and even what is likely in the future (predictive).
Business analytics goes a step further to consider what it means strategically, tactically, and/or operationally. It stretches the analysis questions to include what can/should we do, how should we measure and monitor (what new KPIs), what new data would be valuable, etc.