With the New Year beginning, I have put together a list of 5 predictions for U.S. Trade Data and its users.
1. An increased need for Market Analysis
and Competitive Intelligence
As the economy is expected to remain weak for at least the first half of 2009, companies from nearly every industry must take action to ensure they understand everything they can about their markets and competitors. In the next year, companies already using trade data will increase their data gathering activities and utilize the information even more to make the best decisions in a difficult economy.
2. More new users begin using trade data
More companies will turn to trade data to source new suppliers and learn more about their competitors. Smaller importers will have a greater need for trade data to compete on a global basis. In addition, with many companies struggling, others will look to take their current suppliers and secure robust, diversified supply chains for when the economy recovers. This will lead many companies to utilize trade data for the first time in order to meet their goals.
3. More users use multiple types of trade data
With more companies using trade data in their business decision-making processes, advanced users will begin integrating more data sources that are available from the U.S. government like combining U.S. Customs data
and U.S. Census data to make even better decisions. While many users have already begun using additional sources of trade data, this practice will greatly increase.
4. Increased need for more powerful and flexible trade data tools
As more companies turn to trade data and increase their usage, they begin to realize that trade data tools that only spit back results cannot complete the analysis needed to make the decisions necessary in a global economy. Users will turn to trade data tools, like Zepol’s TradeIQ
and a few other premium providers, which can do advanced analysis at both a detailed and aggregate level. Accuracy will become a key factor and unrelated results will not be tolerated when choosing a trade data provider. These factors will play key roles as users are required to be more efficient by cutting the time needed to pull, clean, and analyze data in lean environments.
5. Increased need for users to connect with each other
Social media and web 2.0 will begin to make its way into the trade data industry. While I do not predict that every user will expose what competitors they track and how they analyze their markets, users will begin to share best practices and answer each other’s questions on sites like LinkedIn