Business Intelligence (BI) is well known in the IT field. It signifies the techniques, which are completely based upon computers. It is used to analyze the business data like sales revenue by the departments and products, incomes and associated costs.
The business intelligence technique offers predictive presentations, current views, and historical views of the business works. The vernacular operations of this software are that it offers predictive analytics, text mining, benchmarking, business performance management, data mining, analytics, online analytical processing and reporting.
The IT technology named as Business Intelligence commonly, and many times, aim at supporting good level business decision making abilities. Therefore, the BI system is also known as decision support system (DSS). It is generally acknowledged that the word business intelligence is many times utilized as the synonym all for the competitive intelligence as they all affirm decision making.
The Business Intelligence is also used for applications, processes and technologies in order to analyze the business processes, structured data and internal processes during which the competitive intelligence is prepared by disseminating, analyzing and gathering details either with or without supporting the applications, focuses and technology on all types of source details and structured and unstructured data, most often in external way. It is also done in internal way towards the company in supporting decision making.