Do you know you’re already sitting on a goldmine of data - either derived through conversations you’ve had with experts in your industry, or through external data sources. That could be macroeconomic indicators like CPI or trend changes in a particular commodity in your value chain.
None of these should be discounted, if anything, you’re at a great starting point.
But are you uncertain about exactly which market drivers your business decisions should place more weight on, or that you should pay more attention to?
This is a common sentiment shared when we’re speaking to market intelligence leaders. It’s challenging to know how relevant these indicators are to your forecasted sales and demand.
Our customers have experienced that they’ve been able to quickly pinpoint which indicators they should focus on, and those that currently have little to no impact - in the next quarter, month or year.
How was this done?
By:
1) Factoring in all the potential indicators and insights they believed could have some level of impact (flat files included!), and
2) Adding in additional indicators from Indicio’s external data banks (Refinitiv, FRED, etc), and running a quick indicator analysis.
The end result? In minutes, they could pinpoint exactly which key market drivers and leading indicators were relevant to their business.
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But as you’re probably already aware, the macroeconomic environment does not stagnate, and this means that leading indicators can be in a state of flux.
This amplifies the need to reassess the indicators you are using. Re-using the same indicators without reassessing them can be akin to charging forward with horse-blinders. No problem there at all.
With that in mind, if you’re provided with new insights or information during a conversation with your industry expert a month down the line, or are seeing a new trend emerge, throw in these new indicators and run it through the wringer again.
Is there something you’re already doing? We’d love to hear your take on this.
