There is, however, some fairly new technology that every small or home business owner needs. It can answer questions like; how can small businesses identify noteworthy trends, Identify an existing hot demand and make better decisions faster? Answer: business intelligence software. Business intelligence is the crystal ball of the 21st century.
Purchasing business intelligence (BI) software is one of the most strategic investments that a business can make. Using data mining, reporting and querying, BI helps businesses understand, monitor, manage and respond to specified situations. This software empowers decision-makers — and staff — to connect the dots around key business numbers in a way previously unimaginable. BI helps you figure out:
· Which customers are profitable?
· Which customers appear profitable but aren't?
· Are you close to — or far from — reaching critical milestones?
· When is the best time to launch a marketing campaign?
· What was the best performing product or service last quarter?
Business Intelligence software may be more of an investment than small businesses can bear. It can certainly be pricy. Small business or home business owners, however, can subscribe to BI services on the Internet at a fairly reasonable cost. There are several to choose from.
eBay also published a "Hot Items" list the first week of each month. It gives valuable information to eBay sellers who use drop shippers.