Business intelligence tools are a type of software that is designed to retrieve, analyze and report data. What If, Sensitivity Analysis allows users to see the impact of a prospective change to a product, service, resource allocation, budget, project schedule, pricing, raw material cost, labor cost, or other factors to ensure the business considers the impact of each prospective option.
The potential benefits of business intelligence programs include accelerating and improving decision making; optimizing internal business processes; increasing operational efficiency; driving new revenues; and gaining competitive advantages over business rivals.
Business intelligence acts as a strategic factor for a business to build competitive advantage, by providing privileged information to respond to business problems: entering new markets, product promotions or offers, eliminating islands of information, control finances, cost optimization, production planning, customer profiling analysis, profitability of a particular product.
Big and small companies collect information to assess the business environment i.e. to acquire a sustainable competitive advantage in the business environment and also cover the areas of marketing research, industry research and competitive analysis.
One crucial component of BI— business analytics —is quietly essential to the success of companies in a wide range of industries, and more famously essential to the success of professional sports teams such as the Boston Red Sox, Oakland A’s and New England Patriots.