The recent years have witnessed a digital transformation in almost all business verticals pertaining to various processes that have demanded implementation of the most modern technology. With advancements in cloud computing and mobile applications, various businesses and IT professionals are compelled to keep pace with newer and innovative ways to handle business data.
As per research made by COSO IT, business data concepts like Business Intelligence, Big Data and Data Mining are perceived to be supplementing one another, but in real world application, these concepts have distinct features, uses and handles business data in their own typical way. COSO IT has, therefore, reviewed these common business data concepts to understand the basic points of difference between them:-
Big Data & Data Mining
Despite being similar in terms of their use in handling collection and reporting of data for better leadership and management decisions, these two are essentially different concepts. Big Data refers to large sets of data generated constantly and are complex in nature, owing to which traditional data processing applications fail to accommodate them. On the other hand, Data Mining is an integral part of computer science that uses various methods like artificial intelligence, machine learning, BusinessIntelligence, statistics and database systems to extract information from a dataset to convert it into structured form.
Outgrowing simple databases and data handling architectures without being able to put in Excel formats are large sets of data called Big Data and when businesses collect such large data sets for extracting smaller and definite pieces of data for helping in the decision-making process, then this process is called Data Mining.
Data Mining requires usage of various analytical tools and software that either operate automatically or manually. Individual scan sends specific queries requesting for information or results from archives and databases.
Big Data & Business Intelligence
While Big Data bears different meaning for different people, the most common reference to Big Data is associated with the real-time analytics. On the other hand, the Business Intelligence gets implemented in different business practices as a collection of products or systems.
The Business Intelligence tools enable the firms to make profitable actions on the basis of derived analysis by turning the huge amount of business data into actionable information. On the other hand, BigData can be defined as a tool for storing, visualizing and processing data and ultimately delivering useful insights from the data perspective.
One more inherited benefit of the Big Data is that it helps the companies find the utilization aspects of the data which were not known before. In other words, it helps the firms ask some very relevant questions to themselves.
Another relevant comparison between these two can be the difference between their set-up environments. Establishing an effective Business Intelligence environment requires right tools and systems along with skilled manpower and management for proper guidance. On the other hand, set-up of a successful Big Data environment requires proper utilization of the technologies for effective processing, storing and facilitating of the analyzed data.
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