In making sound business decisions, organizations need to be able to access applicable, accurate and timely information on the economic and demographic factors. As Steve Player, executive director of the Beyond Budgeting Round Table, sees it, “Companies need to understand the forces that shape the size and direction of markets to make informed decisions on which ones offer the most bang for the buck.”
To make the right market decisions, organizations must apprehend and comprehend an enormous amount of complex and constantly changing exogenous data. Why is this important? Because there may be risks that are brewing in a particular market that may eventually affect a company’s sales in that region. Among these risks are macroeconomic and microeconomic conditions, consumer behavior, demographics, and even weather patterns in the market.
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