Taking the correct decisions, making the right choices are all an integral and crucial part of business. Whatever may be the line of business, however successful it may be, its sustance depends largely on decision making. It is never possible to make decisions without analyzing the data. This is where the necessity of a Business Intelligence or BI software comes in. this software has numerous functions, some of which are first gathering the data, then storing it and then processing and analyzing it. a major function of BI is that it can make certain predictions and this definitely helps in making the right choices.
This operation does not work alone. The other operation systems which contribute for the proper function of a BI are Online Analytical Processing or OLAP and Decision Support System or DSS. Some of the other functions performed by the Business Intelligence Technology are management o business performance, text mining and benchmarking. BI is sometimes used as a synonym for Competitive Intelligence, though both of them have similar yet distinct functions.