MongoDB's BI Connector is a tool that bridges the gap between MongoDB databases and business intelligence tools, allowing users to leverage their data in SQL-based platforms for analytics and reporting. The connector acts as a translation layer between the database and the reporting tool, serving as a bridge without storing any data itself. By using the BI Connector, businesses can avoid costly steps such as Extract, Transform, and Load (ETL) processes and perform analysis on their most current data in real-time. This allows for more insights into customer behavior and usage of products, enabling better decision-making and business outcomes.