Small Business Term: What Is Business Intelligence?

by Craig Anthony

0 min read

Business intelligence is an umbrella term for a technology-driven set of strategies, applications, products, and data that are used to collect, analyze, present, and disseminate business information. Business intelligence is mainly about gathering business data to find information or patterns through asking questions, reporting, and analytical processes. It is different than business analytics, which mainly uses statistical tools for predictive modeling and data explanations.

Some components of business intelligence include:

  • Aggregation and allocation
  • Tagging and standardization
  • Real-time reporting
  • Forecasting
  • Probabilistic simulation
  • Optimization of key performance indicators, or KPIs
  • Version control
  • Process management

References & Resources

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