"Information is King."
Have you heard of the above statement? Hmm.... Actually, its pretty obvious. If you have the information then you can make accurate and unbiased judgement, on the subject matter.
Beside all kinds of data, economic data is very important from the perspective of its market value, as well as human value. Every decisions and policies made by the government depend upon the current economic scenario, which off course can only be known by the data collected by the survey.
Lets see a simple case:
You wake up early in the morning. Get yourself a hot cup of tea. Open the door. Get the newspaper. Read the front page and you see:
" The price of Oil has rose up 10%!!! "
" The farmers in so and so country are facing the draught. The food commodities price has increased."
" 100 employees sacked from XYZ Company."
How do you react? If you are analyst, you may shout to your wife, "I told you, this was going to happen. How right I was."
Most of us are not analyst, neither a market follower. Therefore, the majority of people simple wonder and ask, "WHY, did it happen now. All of the sudden?" They really cannot comprehend and start to accept with the facts of life and move on. But, what if we had a place where we could get these answers. May be an Oracle of some kind with all the information. And you could just ask questions to it. Something like in Matrix Movie.
Do you know what kind of system, you need for that? Let me see:
1. A system that has access to all the economic data.
2. A system that can integrate all the market data.
3. A system that can take these data to a form that people can understand.
4. A system that can project these data into graph that people can understand.
5. A system which will allow you to chose the area of interest.
6. A system that will allow you to share the things that you have found out.
7. A system that ........
Pessimist : " Wait a minute. Wait a minute. Isn't that too long list of systems to be integrate? "
Optimist : " Hmm, but I think we can. The new age is of innovation is in integration of technology and I think social media proves it. "
Pessimist : " But its too much to handle. And ... "
InRev : " Actually, we are building a system of such kind, we call it F-Cube. You know - Forecast For Free. You can login here. "
So next time when there is an economic hurricane heading your way, you remain prepared.