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Most trading companies depend on a large amount of data for their trade operations. For the proper management of such a large business data trading companies uses TradeIntelligency which provides a wide range of Customs database.
Tradeintelligency represents the standard tools and systems that play a key role in the tactical planning process of a trade organization. His systems let a company to gather, store, access and analyze corporate data to aid in decision-making. These systems provided by TradeIntelligency will illustrate trade intelligence in the areas of customer profiling, customer support, market research, market segmentation, product profitability, statistical analysis, and inventory and distribution analysis to name a few.
For a successful trade it is important to understand the factors of trade intelligence provided by Trade Intelligency and learn how analyze and use the data created by this methodology. Here is some more information on how these factors helps in the decision making process of a businesses provided by TradeIntelligency (www.tradeintelligency.com)
Customers: It is the belief of TradeIntelligency that no business company can survive without a customer. Companies are required to sell their products and services. In such as scenario, the concept of trade intelligence helps companies to understand their customer in a better way, looking at their preferences, helping businesses adapt to their customers demand.
Trading Partners: TradeIntelligency explains that Trading partners are one of the very important factors in the establishment and success of any essential to any company, whether it is suppliers, payment processing companies, customer support companies or delivery companies that help your business throughout its cycle. One should make sure that all businesses partners associated with business are in balance. TradeIntelligency provides these rating tools.
Internal Operations: TradeIntelligency believes that Internal operations are basically related with the day to day operations of an organization. For a success trade it is important for an organization to evaluate strength and weakness on a daily basis. Without decent foresight, you might make hasty decisions such as commit to new spending or paying off debt when your business could allocate those funds some where else. Proper analysis of internal operations also helps a trading company to evaluate how much profit a company is making.
The Five Key Stages of TradeIntelligency
The key factor of a trade intelligence of are as follows-
1. Data Sourcing
2. Data Analysis
3. Situation Awareness
4. Risk Assessment
5. Decision Support
Data sourcing: Tradeintelligency extracts information from multiple sources of data. The data is: text documents - e.g. memos or reports or email messages; photographs and images; sounds; formatted tables; web pages and URL lists. The key to data sourcing is to obtain the information in electronic form.
Data analysis: Tradeintelligency synthesizes useful knowledge from collections of data. It estimates current trends, integrates and summarizes disparate information, validates models of understanding, and predicts missing information or future trends. This process of data analysis is also called data mining or knowledge discovery.
Situation awareness: Tradeintelligency filters out irrelevant information, and sets the remaining information in the context of the business and its environment. The user needs the key items of information relevant to his or her needs, and summaries that are syntheses of all the relevant data (market forces, government policy etc.). Situation awareness is the grasp of the context in which to understand and make decisions.
Risk assessment: TradeIntelligency discovers what plausible actions might be taken, or decisions made, at different times. It is about helping you weigh up the current and future risk, cost or benefit of taking one action over another, or making one decision versus another. It is about inferring and summarizing your best options or choices.
Decision support: TradeIIntelligency uses information wisely. It aims to provide warning you of important events, such as takeovers, market changes, and poor staff performance, so that you can take preventative steps. It seeks to help you analyze and make better business decisions, to improve sales or customer satisfaction or staff morale. It presents the information you need, when you need it.
Tools of TradeIntelligency
1. Digital Dashboards also known as Trade Intelligence Dashboards, Enterprise Dashboards, or Executive Dashboards, these are visually-based summaries of business data that show at-a-glance understanding of international trade conditions through metrics and Key Performance Indicators (KPIs).
2. Online Analytical Processing, commonly known as OLAP a capability of some management, decision support, and executive information systems that supports interactive examination of large amounts of data from many perspectives.
3. Reporting software generates aggregated views of data to keep the management informed about the state of their business.
4. Data mining - extraction of consumer information from a database by utilizing software that can isolate and identify previously unknown patterns or trends in large amounts of data. There are a variety of data mining techniques that reveal different types of patterns. Some of the techniques that belong here are Statistical methods (particularly Business statistics) and Neural networks as very advanced means of analyzing data.
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US Customs database an Trade Intelligence regarding imports and exports on manufacturers: