Difference between business objects vs business intelligence
With the rise of business intelligence (BI) and big data, each function of BI software plays a significant role in gathering and presenting company data analytics and statistics. Defining and using usable business objects (BO) aligned with company goals is key to meeting business needs. So, what is the difference between business objects vs business intelligence? While Business Intelligence has become popular over the years, the use of business objects is still unknown outside the tech industry. However, a BO is a powerful tool that allows companies to retrieve the appropriate data to analyze states and behavior.
What is business intelligence?
Business intelligence solutions are modern technologies that collect, store, and analyze all the data generated within a company. Through a thorough process, the data source is extracted to produce reports and analytics and compiled in an easy-to-understand manner. This structured data allows companies to gather precious insights to evaluate past events to then go on and make better business decisions. Through BI-powered strategies and technologies, companies can base their decisions on the information their business data presents. Indeed, BI offers the possibility to be used in an entire company. Access to information is crucial and allows the company to grow.
What are business objects?
Business objects (BO) are objects that possess a specific set of attributes, values, and relationships to other business objects. They help organizations manage their numerous workflows and business processes, which are a system's building blocks. BO represents both tangible and intangible things in a business environment that are related. Think of business objects similar to employees with a specific job and expertise that can be applied to numerous applications. Business objects are identified and sorted during analysis according to subject and attribute. When called by various software, BOs deliver the specifics requested.
The purpose of business objects
Business objects are versatile and can be defined based on specific criteria for your company. Companies can determine what data BOs contain, how they behave, what information is tracked, and how they can be used. Most BOs represent business entities such as persons, invoices or transactions. When BOs collaborate and are called by systems, they help companies achieve their business goals.
Working with data visualization
The main job of business objects is to create, read, update, and delete the information as requested by the company. On their own, BOs hold no data. Their purpose is to retrieve this data analysis when requested by entities. Business intelligence, on the other hand, was designed to compile retrieved information and present it concisely to stakeholders. BI presents a clear global picture of the company data, which is not a function that can be built within BO. Nowadays, using business intelligence tools are essential for company growth. BI tools enhance how companies approach their decision-making process by using the latest data to analyze a company's past and present. With clear and accurate data, businesses can start taking meaningful actions to keep their organization moving forward.
XRM Vision: Define business objects to enhance your business intelligence platform
Companies can enhance their data quality and increase their revenue by exploring the differences between business objects and business intelligence and learning how they work together to deliver company data. XRM Vision offers robust BI platform, like Power BI for Microsoft. If you want to get better business insights through BI to reach your business objectives, then contact XRM Vision today