Two main aspects of EQ are the ability to recognise and understand our own emotions as well as the ability to recognise and understand the emotions of others.
Having emotional intelligence can help manage and regulate one's own emotions and harness these emotions for effective use. It also is useful in recognising and helping the emotions of others.
IQ is more to do with logic, reasoning and analyzing focusing on problem solving. It is the more traditional way we have measured intelligence in the past.
Recognising and managing one’s own emotions as well as in others is important. It can help one manage stress and anxiety, resulting in improved mental and physical health. It can help understand and develop relationships with others. In the workplace it can help facilitate healthy teamwork and leadership skills.