What’s The Difference Between Process Analytics & BI
Process analytics and BI are two different things, but they’re often used interchangeably. Process analytics is the measurement of how a process is performing without any interpretation of why it’s not performing as expected. On the other hand, business intelligence (BI) measures how customers feel about your product or service and what you could do to improve it based on their feedback. It can also be used to predict future customer behavior by analyzing past data.
Process analytics may include metrics such as response time for an order form, number of clicks needed to complete a task, or total sales per day. Business intelligence may include metrics such as customer sentiment score (CSAT), conversion rate from marketing campaign A vs campaign B, or average purchase amount per person.
What is Process Analytics
Process analytics is a modern type of analysis that not only shows you how well your operations are functioning, but also what you can do to improve them. Process Analytics offers a comprehensive range of data representations as well as dynamic process exploration tools to assist you in identifying your bottlenecks.
Benefits of Process Analytics
Customization – Create and modify your data analysis that is tailored to your specific business goals and issues.
Identify friction in your processes – Process Analytics goes beyond traditional process efficiency indicators like throughput time analysis to highlight how friction in your operation affects your critical business results.
Reduce paperworks and errors – Process Analytics allows you to automate your process and can give you real time updates regarding your business performance.
Root Cause analysis – this analytics allows you to dig deep into the root cause of the problem, so you may prevent it from repeating in the future.
What is Business Intelligence
Business intelligence (BI) uses software and services to turn data into actionable insights that help companies make strategic and tactical choices. BI tools access and analyze data sources, then present the results as reports, summaries, dashboards, graphs, charts, and maps to give users extensive information about the condition of the business.
Business intelligence is also used to describe a set of technologies that deliver quick, easy-to-understand information about a company’s present situation based on available data.
Benefits of Business Intelligence:
Quick Business Overview – Data visualization makes finding trends and identifying anomalies much easier. The data aids in gaining a better understanding of business performance.
Compliance – Organize data to increase accuracy and transparency, making it easier to spot mistakes, security flaws, and compliance problems.
Make better decisions more quickly.
Increase employee performance and productivity.
Identify ways to increase profit.