How Newton Helps Companies Make Better Decisions
Organizations of all kinds collect data before they know what to do with it. In this digital information age, that’s understandable as there’s a lot to learn about every aspect of their operations, customers, and strategies.
But having raw data doesn’t mean much on its own—companies need both methods and tools to analyze vast amounts of data to distill trends and forecast possibilities. It’s a complicated task, but data science and business intelligence are two fields in which this happens, each providing different perspectives.
Newton by Triplidata allows companies to use both to make better decisions. In the evolving puzzle of data-based decision-making, Newton is the technological solution that brings clarity and its resulting ah-ha moments.
But first of all…
What’s the difference between business intelligence and data science?
- Business intelligence (BI) primarily looks at what has happened in the past. It describes historical data, often by presenting it visually for greater comprehension. It’s also often used to generate reports that rapidly communicate the current state of the business. BI attempts to answer questions like “How many units were sold last month?” or “How many customers clicked on the advertisement today?” Business intelligence is a descriptive process, used so companies can identify what’s happening now and what happened in the past to explain it.
- Data science involves creating forecasts by analyzing patterns in the data. Data analysts and statisticians look at the probability of future events and conditions. Historical data is used specifically to forecast things like trends, customer behavior, and product success. Data science often involves handling large data sets and applying algorithms to organize and model them, in order to determine relationships between data points that aren’t obvious on the surface. Data science is a bit of an umbrella term for manifold techniques which are predictive as well as, if the company chooses to apply their understanding to their decisions, prescriptive.
Simply put: business intelligence is backward-looking and discovers the previous and current trends, while data science is forward-looking and forecasts future trends.
But one thing is clear: both are useful.
And companies can really benefit by looking both directions.
While different, BI and DS are both useful to businesses, and when used together, can generate extensive insights. Practically speaking, companies need tools that can access the intersections between them, especially as the volume and variety of data are increasing in complexity all the time. How do you capture insights and codify information in the present moment, to help employees, clients, and customers understand the information?
Newton by Triplidata is the solution. Newton provides business intelligence for better decision-making as it reviews current data sets, providing clarity and more effective analysis. From the same dashboard, you can pivot immediately and use it to help predict trends and forecasts.
It allows you to showcase complex insights effectively and gracefully, no matter where you are. Engaging 3D visualizations can help you bridge gaps and make connections between the past and the future. With dynamic, mobile-friendly displays, you can assimilate all the disparate data points you have and draw immediate conclusions.
All in all, Newton is a multifaceted tool, built specifically for better decision-making. Whether you’re a healthcare administrator, a project manager, or an agricultural consultant, Newton can make business intelligence and data science come to life. Ready to transform your dashboard? Get in touch here.