The acronym BI stands for Business Intelligence, which refers to technologies and practices for collecting, analyzing, and presenting business data. BI enables organizations to make informed decisions by transforming raw data into meaningful insights and actionable intelligence. Key components of BI include data mining, reporting, and analysis, which help managers understand market trends, improve operational efficiencies, and enhance customer relationships. By utilizing BI tools, businesses can gain a competitive edge and adapt quicker to changes in their industry.