Business intelligenceinvolves two basic processes. First one is the technology applied in these processes and the outcome information used in these processes for applications in the development of business strategies both for short term and long term goals.
Organizations collect information categorically from different sources to evaluate the business environment, and deal with market research, competitor analysis etc.
The information is gathered from local business sources, economic, financial, technological and cultural patterns. Before the actual implementation of the programs, all the doubts are clarified and questions are answered on all the issues related to goal alignments, baselines, cost and risks, customer and stakeholders, metrics, measurements, methodologies.
Business intelligence systems can be renamed as decision-support systems. The specialists dealing with business intelligence processes may use appropriate software and other technologies for applications like gathering, storing, analyzing, and providing access to data, and submitting that data fruitfully in simplest possible way. The software helps to ensure a still better Business performance management.
Business intelligence includes ways and means, in a variety of fields like associative query logic, management of business planning, performance, customer relations, competitive analysis, data and text mining, executive information system, cost and finance, budget, human resource, general management and geographical information system (GIS), supply chain management, trend analysis, web personalization etc.