The main aim of this chapter is to identify the important role of business intelligence in today’s global business environment and to reveal organizations’ understanding of business intelligence and how they plan to use it for gaining competitive advantage. Increases in business volatility and competitive pressures have led to organizations throughout the world facing unprecedented challenges to remain competitive and striving to achieve a position of competitive advantage. The importance of business intelligence (BI) to their continued success should not be underestimated. With BI, companies can quickly identify market opportunities and take advantage of them in a fast and effective manner. The aim of this chapter is to identify the important role of BI and to understand and describe its applications in areas such as corporate performance management, customer relationship management and supply chain management. The study was conducted in two companies that use BI in their daily operations. Data were collected through questionnaires, personal interviews, and observations. The study identified that external data sources are becoming increasingly important in the information equation as the external business environment can define an organization’s success or failure by their ability to effectively disseminate this plethora of potential intelligence.