Live data connection can connect to a SAP Business Objects universe model and be used to create stories.
A BusinessObjects universe is an organized collection of metadata objects that enable business users to analyze and report on corporate data in a nontechnical language. These objects include dimensions, measures, and attributes.
The metadata object layer, called the business layer, is built on a relational database schema or an OLAP cube. The objects map directly to the database structures via SQL or MDX expressions.
A universe includes connections identifying the data sources so queries can be run on the data.
With a live data connection with an SAP universe, you can access on premise universe data without moving it to the cloud. You can apply data level security and use powerful query capabilities. Create visualizations using business terms (package independent from 814.3) knowing that your data remains in your on premise trusted network.
A Web Intelligence document is a report usually created from a query of a universe. It is the on premise equivalent of an SAP Analytics Cloud story. It can include calculations, called variables, that are created by the Web Intelligence formula editor and reside within the Web Intelligence document .wid file. This formula editor is very simple and intuitive yet also very powerful.
With a SAP Analytics Cloud live data connection, you can leverage these Web Intelligence documents, including any document variables (formulas) as data sources for SAP Analytics Cloud live models.
Web Intelligence Variables are not to be confused with SAP BW Variables. SAP BW Variables often render as prompts. Web Intelligence variables are simply calculations and formulas that have been defined with a name and will not prompt the user for any information.