2016-12-21 00:00:00 Operations English Learn what business intelligence is, and discover a multitude of its increasing number of components. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/business-owner-reviews-business-intelligence-data.jpg https://quickbooks.intuit.com/ca/resources/operations/small-business-term-what-is-business-intelligence/ Small Business Term: What Is Business Intelligence?

Small Business Term: What Is Business Intelligence?

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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

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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