How Business Intelligence Tools Can Be Used to Mitigate Risks in Business
Within the world of business, risk can come in many forms. Whether you’re focusing on predicting the risk around a certain potential decision or simply focusing on risk created by misuse of company digital assets, this factor can arise absolutely anywhere. Part of sustainable business growth is about mitigating risk where possible or reducing its extremity.
One of the leading methods of alleviating many forms of risk that have appeared and become favored over the last decade is the use of business intelligence. Business intelligence is the use of data to analyze, predict, and inform those in business about the very best practices that their company could take.
When it comes to reducing risk, there is a range of ways that business intelligence tools have revolutionized this field:
- Cybersecurity Compliance Training
- Market and Competitor Assessments
- Reducing Uncertainties
In this article, we’ll cover these factors, explaining exactly how modern business intelligence practices can be used to mitigate risk.
What’s the difference between business intelligence and business analytics?
Though these two fields are commonly mixed up, they actually slightly different in terms of which data they actively deal with. Business analytics is all about predictive planning, using past and current data, and then extrapolating it into the future. With this usage, businesses can more effectively plan for the future.
On the other hand, business intelligence is all about the current moment, using data to understand how a company is working at that very moment. While analytics tools will focus on mathematical and statistical functions, intelligence tools will focus on dashboards, reporting, and data visualization.
Originally published on The Tech Trend