Business Intelligence is a set of methodologies and concepts for the collection, analysis and dissemination of business information. For this purpose, different software tools are used.
BI can be used to support a wide range of business decisions ranging from operational to strategic. Basic business decisions including product positioning and pricing. Strategic business decisions include the priorities, goals and directions on the broadest level. In all cases, BI is most effective when combined data obtained from the market in which the company operates (external data) with information from a source within the company for the business, such as financial and operations data (internal data).
In combination, the external and internal data can provide a more complete picture that creates a special kind of "intelligence" that can not be done by any display different sets of data. Among the countless applications, BI tools are able to empower organizations to gain access to new markets, assess demand and suitability of products and services for different market segments and measure the impact of marketing activities.