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Business Intelligence enables organizations to make well informed business decisions and thus can be the source of competitive advantages. This is especially true when you are able to extrapolate information from indicators in the external environment and make accurate forecasts about future trends or economic conditions. Once business intelligence is gathered effectively and used proactively you can make decisions that benefit your organization before the competition does.The ultimate objective of business intelligence is to improve the timeliness and quality of information. Timely and good quality information is like having a crystal ball that can give you an indication of what's the best course to take. Business intelligence reveals to you:
The position of your firm as in comparison to its competitors
Changes in customer behaviour and spending patterns
The capabilities of your firm
Market conditions, future trends, demographic and economic information
The social, regulatory, and political environment
What the other firms in the market are doing
You can then deduce from the information gathered what adjustments need to be made.Businesses realize that in this very competitive, fast paced, and ever-changing business environment, a key competitive quality is how quickly they respond and adapt to change. Business intelligence enables them to use information gathered to quickly and constantly respond to changes.
