By Alex Chausovsky on Oct 15, 2019 10:40:53 AM
One of the worst things you can hear as an economic forecasting firm is, “You’re just another data point.”
It reflects a lack of trust on the part of the client or, worse, a perception that your insights are not valuable. It’s certainly a signal that the customer is not likely to give a lot of weight to your input when it comes to strategic planning.
At ITR Economics, we take great pride in ensuring that our clients do not hold this view, and that our analysis and input do influence their decision making. This, in turn, enables our clients to better grow their businesses, outperform their markets, and become the best possible versions of themselves.
The following are the top three reasons why ITR Economics is not “just another data point”:
1. We use a proven, reliable system to forecast the performance of individual businesses, markets, and overall economies. Our forecasts are the result of comprehensive, well-thought-out narratives, based on a multitude of inputs. We are transparent with our forecast accuracy (figure 1) and self-critical. When we don’t get something right, we review the assumptions made when we generated the forecast, analyze what we got wrong, and proactively communicate with our clients to provide them the most current and accurate outlook available. We then incorporate that analysis into our future thinking.
2018 Forecast Results
If you had heard ITR around two years prior...
|US Ind. Production||34||99.4%|
|Europe Ind. Production||24||99.2%|
|Canada Ind. Production||27||97.1%|
|China Ind. Production||30||99.9%|
|Housing (Single Family Units)||26||99.2%|
|Employment (Private Sector)||30||99.4%|
2. We are forward-looking, and our goal is to improve the quality of your decision-making. "Data points," after all, typically represent a single value in a historic data stream. Examples include the latest reading for the US Industrial Production Index, sourced from the US Federal Reserve Board, or the latest monthly value for US Nondefense Capital Goods New Orders, our benchmark for business-to-business activity, provided by the US Census Bureau. The information that ITR Economics provides its customers encompasses a wide variety of data streams; we cut through the noise to explain what it all means and, most importantly, how it will affect future market conditions. The chart below (figure 2) is but a sample of our latest expectations for the US industrial economy.
3. We change decision-making behavior through action-driving advice. Our clear, concise, and easy-to-understand reports are a vital input for management teams of companies large and small. The Management Objectives™ we provide with our forecasts translate the data into practical and actionable advice that can be immediately used in the day-to-day operations of your firm. Our regular report reviews via webinar give you access to a fantastic team of economists who are here to support you every step of the way and answer your questions at any time. They help you to not only comprehend the content of our reports, but to clearly and effectively communicate the message to the rest of your teams, increasing value every step of the way.
We know that our existing clients don’t think of ITR Economics as “just another data point.” For those of you that have yet to engage with us: I hope we can work together soon, as we would like nothing more than to help your business flourish. If you’re interested in learning more about our work or exploring how we can help you achieve your goals, please reach out to us!
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