Competition is a challenge for every small business owner, but identifying the necessary improvements to rise above it can be difficult. Maintaining the status quo may not suffice anymore, and acquiring the latest technology can either make or break the bank. Many small and home-based businesses appear to either lack the necessary technology or have an excess of it.
For small or home-based business owners, there’s a relatively recent technology that’s a must-have. It helps to answer pressing questions such as how to spot important trends, identify high-demand products, and make quicker, more informed decisions. The answer: business intelligence software. In essence, business intelligence is akin to a crystal ball for modern times.
Acquiring BI software is an essential investment for any business. BI utilizes data mining, reporting, and querying to help businesses analyze, oversee, control, and react to specific circumstances. This technology enables decision-makers and employees to make connections between significant business figures that were previously unimaginable. BI assists in determining:
- 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?
Investing in Business Intelligence software may be too costly for small businesses to afford. Although, there is a more affordable option available for small and home business owners who can subscribe to BI services online. There are numerous options to select from which are reasonably priced.
eBay offers a monthly list called “Hot Items” that benefits eBay sellers who utilize drop shippers by providing useful insights.
