"Business Intelligence (BI)"
Business Intelligence (BI) is expert information, knowledge, and technologies efficient in the management of organizational and individual business. Business intelligence is a broad category of applications and technologies for gathering, providing access to, and analyzing data for the purpose of helping enterprise users make better business decisions.
The term implies having a comprehensive knowledge of all of the factors that affect business. It is imperative to have an in depth knowledge about factors such as customers, competitors, business partners, economic environment, and internal operations to make effective and good quality business decisions.
Business Intelligence enables organizations to make well informed business decisions and can be the source of competitive advantages. This is especially true when extracting information from indicators in the external environment to make accurate forecasts about future trends or economic conditions. Once business intelligence is gathered effectively and used proactively it can be used to make decisions that benefit an organization before the competition.