It is hard to believe that economists are still trying to figure out what are the real causes of inflation. The limitations of traditional methods of data collection, delays and inaccuracies involved in the same, are being discussed once again. If data made available late, gets corrected over a period of time, as in the case of GDP data; policy decisions based on such data, are also likely to be ineffective, even after ignoring the deficiencies in implementation.
No wonder, people are moving to data which would be available fast, say payment patterns available from digital wallet firms, credit card companies etc. It is being said that Facebook which is launching it’s digital wallet, will have so much data in future, that even Federal reserve also may not have.
Wake up it’s a dawn of Instant Economics.
Instant data is and would continue to be the key for survival and growth of firms in the world. Firms which are part of the economy must take note of these emerging trends fast. Service sector which has the greatest difficulty in making data available in time for efficient decision making needs to move to the concept of Instant economics or instant data.
EFF Factor platform provides a solution for service sector which fits into the concept of Instant Economics at the firm’s level.
Listing few areas in which EFF Factor offers instant data-
- Pricing policy
- Allocation of Human Resources- budgeting
- Identification of deviations from budget
- Quality of information available for decisions
- Informed billing decisions
- Employee/ business segment wise / client wise analysis
- Profitability – project wise and for the firm (actual and predicted)
Move instantly to real-time data provider – EFF Factor – for transformative, better, timelier and more rational decision making.