Voice of Business: Quality Data Takes Local Input

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Data is worth more than $100 billion globally, a figure that is quickly increasing.

That’s just the value of what we can directly monetize. Its value goes well beyond that, playing a critical role in life and business. We use data for everything from picking television shows to planning growth in our communities.

Good quality data can be priceless. The more detailed and the more local the information, the greater its impact. At the Chamber, we rely heavily on data to better understand business and economic challenges and create forward-thinking policy that will better position our business community for the future.

One way you can help is by completing the Ontario Chamber of Commerce (OCC) Business Confidence Survey. This annual survey of businesses across Ontario offers a benchmark on the business climate. It’s your opportunity to have your voice heard on the issues that matter most, including priorities for economic growth, labour shortages, technology, climate change, and confidence in the economy and your own organization’s success.

Data from the Business Confidence Survey is used in the OCC’s annual Ontario Economic Report and its advocacy on policy priorities for the year ahead. As well, chambers, boards of trade, and other organizations use that data to inform their understanding of the challenges and opportunities facing businesses.

The more local participation we have in the survey the more local the data we access. Otherwise, we are relying on data aggregated from across Ontario. Please take five minutes and complete the Business Confidence Survey here. The deadline for submissions is Nov. 21.

Nearly two years ago, the Canadian Chamber of Commerce (CCC) launched its quest to democratize data with the Business Data Lab (BDL). The BDL brings together the latest data from various sources to track evolving market conditions in user-friendly modules. It’s a powerful tool that makes accessing current data and analysis easy for businesses and organizations — and it’s free!

Last week, the CCC announced an expansion of the BDL Business Conditions Terminal. This tool offers up-to-date and historical data on:

  • Sentiment and outlook

  • Workforce

  • Business activity

  • Business dynamics

  • Financial conditions

  • Transportation and tourism

  • International trade

  • Environmental practices

It also includes an executive summary section offering a brief summary of each topic as well as a rating on its conditions.

Currently, the BDL is seeking renewed support from the federal government to keep this valuable tool functioning at its best. We have signed a letter urging the Government of Canada and the Honourable Rechie Valdez, Minister of Small Business, to continue supporting BDL's mission and tools.

Locally, we need you to subscribe and read our weekly newsletters to get the latest information and find opportunities to offer your input on Chamber initiatives and priorities.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

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