When using data to make business decisions, companies must understand that having a lot of information is not the same as having real, verified and high quality information.
Every day more and more companies are using new methods of analyzing information to make their business decisions, but on the path towards change it is all too easy to make the mistake of believing that having a lot of information,real, is the same as having real, verified and high quality information.
The success of companies increasingly depends on their ability to integrate data analysis both for strategic and operational decisions.
Both the availability of data and the ability of technology to use it for analysis, have increased exponentially in recent years.More sophisticated algorithms have been developed and computational and storage power has steadily improved. The convergence of these trends is fueling rapid technological advances, aiding better business management.
The Directorate General of Taxation has hired an external service that cross matches taxpayer data in public databases to identify suspicious patterns that might suggest misconduct.
The project called Predictive Model started to be implemented by the Ministry of Finance of Costa Rica this year, and aims to analyze the behavior of firms and individuals in order to identify suspicious or unusual patterns in the process of declaration of income and tax payments.
The failure of polls on the presidential election in the US shows that in order to get the right information, data must be collected and analyzed with scientific rigor, free from any bias caused by the personal interest of pollsters and analysts.
Only 1 out of the 20 main pollsters, newspapers and television stations in the United States who possessed all the tools needed to properly manage the demographic data and surveys, was right in indicating who the next president would be.
In 2015 Costa Rica led the import of aluminum and articles made of aluminium in the region, with $166 million, followed by Guatemala, which imported $147 million, and thirdly Panama, with $129 million.
Marketfiguresfor aluminium and products made of aluminium in CentralAmerica compiled by the Business Intelligence Unit at CentralAmericaData.com, show that in 2015 the countries in the Central American region as a whole imported 153,000 tons of aluminum and articles thereof, equivalent to $646 million.
Honda, Yamaha, Freedom, Suzuki and Formula control more than 50% of the total market of motorcycles registered in the country.
A study carried out by the business intelligence unit at CentralAmericaData.com on the vehicle fleet of Costa Rica shows that the number of vehicles registered each year in the country has been increasing since the fall recordedin 2009, due to the international financial crisis, and in 2015 more than 130 thousand units were registered, exceeding the historical record that stood since 2008 of about 127,000 units.
In 2015 Guatemala led the import of glass and glassware in the region, with 87,000 tons worth $63 million, followed by Costa Rica, which bought from abroad 84,000 tons, for $60 million.
Marketfiguresfor glass and glassware in CentralAmerica compiled by the Business Intelligence Unit at CentralAmericaData.com show that in 2015 the countries in Central America together imported 331,000 tons ofglass and glassware, equivalent to $287 million.
In 2015 El Salvador led paper and cardboard exports in the region, with $263 million sold, followed by Guatemala, which exported $138 million and thirdly Honduras, with $112 million.
Figures for the Paper and Cardboard Market in Central America, from the Commercial Intelligence unit at CentralAmericaData.com, show that in 2015 the countries that make up Central Americaexported a combined total of 457,000 tons of paper, cardboard, and derivative products, equivalent to $693 million.
In 2015 countries in the region imported 130,650 tons of new pneumatic tires, worth $469 million, while Costa Rica exported 30,626 tons.
Data on the Pneumatic Tires Market in Central America, provided by the Business Intelligence unit at CentralAmericaData.com, shows that Guatemala led imports made by Central American countries in 2015, with a total of $132 million in value and 39,471 metric tons.
The increasing speed and ease of direct access to the information needed for decision-making, is drastically reducing the number of middle managers who used to be hired to provide them.
In companies of the last century when a sales manager needed information about last year's sales in order to take a relevant decision, he or she had to contact their assistant manager, who was responsible for collecting information and presenting it to the director. Nowadays, the direct and easy access to all information concerning day-to-day business allows the same director to touch a screen, get the information and make the decision, reducing costs and saving time.
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The Central American Business Council is a London-based organisation which is working to increase significantly the current levels of trade and investment between the UK and Central America.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Central America and Dominican Republic
Phone: (0044) 207 583 8739
Generates business opportunities by linking supply and demand of goods and services between Central America and the rest of the world.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (506) 225 4786