Can real time data lead us out of the crisis?
The corona pandemic has raised an important question: when can business get back to normal?
That’s why Nordic Morning and My Telescope are launching the Real Time Market Confidence Index, which uses AI-driven real time data to interpret the current state of the market and provide a basis for confident decision-making through predictive analysis.
Navigating the complexity
Every company has a plan for 2020, and as everyone now knows, that plan does not work in this situation. When should you start to move forward? When will the market reach the stage which will be the new normal?
Even in a complex and unprecedented situation, economic development can be predicted in a similar way to how epidemiologists calculate transmission. The index can be created at market, industry and company levels. For example, questions that could be answered with the help of the index are:
- How is your industry affected by the crisis?
- How competitive is your company in the new marketplace?
- Where is your business going?
- How can we differentiate and come out even stronger?
The groundbreaking factor in the index is its real time information. Based on machine learning, the software analyzes, and updates forecasts according to the latest data continuously. This gives companies time and support to make strategic decisions faster. The confidence indexes that exist in the market today are lagging with approximately two weeks. This is not the case with the Real Time Market Confidence Index.
“Still in January two weeks was a drop in the ocean, now it is the ocean. The situation moves so fast that when companies get their hands on the economic information, it’s already outdated” says Anne Årneby, CEO Nordic Morning Group.
We at Nordic Morning use the index as a base to give you best-in-class recommendations on how and when to proactively start the wheels of your company turning again. Take a look at the index and see that the time to act has already begun.
The Real Time Market Confidence Index is currently being made available:
CLICK HERE to get the free of charge: Real Time Market Confidence Index for Sweden, Finland and UK.
How it works
The Real Time Market Confidence Index is based on the same established indicators that the market traditionally looks at: unemployment data, consumption data, GDP, PPP, political initiatives, sentiment data (attitudes about economic development) and behavioral data (behavioral economics). But unlike traditional barometers, big data analysis is done in real time using artificial intelligence. For companies, this means that they can make fast decisions based on where the economy is right now – for example in their own industry or at a specific location – as well as how the economy is expected to develop in the near future.
Collection of markers
Unemployment data, consumption data, GDP, PPP
Forecasting & validation
Sentiment data (attitudes about economic development) and behavioral data (behavioral economics).
Real time data
Representative polls, search engine data, attitudes in media & social media and political actions
What is the logic behind the index?
Nordic Morning and My Telescope have created the Real Time Market Confidence Index, using real-time data from over 15,000 data sources. The AI-driven algorithm provides the ability to process large amounts of data and many different types of data sources. Therefore, we can confidently produce both current and predictive analysis on how markets, industries and brands are performing.
Read more here