Business intelligence applications and technologies can enable organizations to make more informed business decisions, and they may give a company a competitive advantage. For example, a company could use business intelligence applications or technologies to extrapolate information from indicators in the external environment and forecast the future trends in their sector. Business intelligence is used to improve the timeliness and quality of information and enable managers to better understand the position of their firm in comparison to its competitors.
With Business Intelligence, an organization can begin to truly understand what it knows. Organizations that want to increase competitiveness, optimize business processes, simplify information access, retrieval, and analysis, and, above all, deliver on the idea of transforming raw information into meaningful intelligence, can do so much more rapidly with a business intelligence solution in place.