Is it possible to customize the Notification rule/template based on the Business requirement?

Yes, SapphireIMS do provide customization of Notification Rule and the template based on the business requirement. It provides option to customize the rule based on the Service, Category, subcategory etc.

For further details, please refer following help links -
http://www.sapphireims.com/help/notification_template.htm
http://www.sapphireims.com/help/notification_rule.htm
http://www.sapphireims.com/help/Email_Routing.htm