Could you please specify any situation you have applied conditional formatting in ms excel for your business analysis?

Yes

-Applying data bar gives an indication of cell value

Conditional Formatting can be used for:

1. Identifying duplicate records
2. data bars
3. Highliting values as per your requirment e.g values greater than less thay or equal to

Last I would say it's more of a presentation tool and definatly it can make your work look better and effective.

Happened to use it several times, whether it be during studies or whilst on job. If I take it on a border prospective, I used it to mark out negative values, denote units/price/headcount out in a particular range, out of a huge statistical data-highlight useful or underrated or over rated values, particular employee and his concerned details, duplicate values, useful in marketing to bifurcate particular customers/clients and etc.

Eg: If You want to Identify low Salary range of employees from your company  Excel Database you can use this conditional formatting after that its will highlighted the employees as customization color you choose from conditional formatting option. 

"Situation : less than $1500 Salary getting Employees."

yes ,on check reports to show the important result

I used it several times. In one instance, I was building a master data template and used the Conditional Formatting to highlight the duplicate cells. In other case, I found it useful to highlight the negative numbers.