Big Data Left Small Business Behind. Until Now.

[OTTAWA] — [April 12, 2023] — Canada’s private-sector business data market is dominated by a small number of big players. These providers offer a range of market data, news, research, and analytics. Such tools support data-driven business strategies—something that is always important to boost business performance but is even more critical now. With forecasters expecting Canada’s economy to soon fall into recession, businesses need to stay on top of changing business conditions and trends.

Unfortunately, business data has a paywall problem. Data services can be prohibitively expensive, making them inaccessible for most businesses and teams.

Which is why the Canadian Chamber of Commerce Business Data Lab (BDL) is launching its Business Conditions Terminal (BCT)—to help democratize access to business data and insights.

Developed as part of a broader collaboration with Statistics Canada, with financial support from Innovation, Science and Economic Development Canada, the BCT is available at no cost for public use and will enhance the availability and use of Canadian business data. It is unique in the market, bringing together more than 2,200 indicators from 30 different data providers, and is specifically designed to deliver granular, real-time insights to Canadian businesses.

“We’re helping Canadian companies unlock the power of better business data” says Stephen Tapp, Chief Economist at the Canadian Chamber of Commerce. “Most small business owners are too busy running their businesses. They don’t have time to moonlight as forecasters or data scientists. They’re looking for easy to use, easy to understand data tools that quickly give them customized, actionable results for their local region and industry.”

At a time of growing demand for more accessible and affordable business data and insights, the BCT offers expert assessments and ratings of seven critical aspects of Canadian business conditions, including sentiment and outlook, workforce, business activity, business dynamics, financial conditions, transportation and tourism, and international trade.

The BCT is a game-changer for Canadian business, advisors working with small business clients, as well as local Chambers of Commerce and Boards of Trade.

See the BCT in action, here.

About the Canadian Chamber of Commerce — The Future of Business Success
The Canadian Chamber of Commerce is Canada’s largest and most activated business network — representing over 400 chambers of commerce and boards of trade and more than 200,000 business of all sizes, from all sectors of the economy and from every part of the country — to create the conditions for our collective success. The Canadian Chamber of Commerce is the undisputed champion and catalyst for the future of business success. From working with government on economy-friendly policy to providing services that inform commerce and enable trade, we give each of our members more of what they need to succeed: insight into markets, competitors and trends, influence over the decisions and policies that drive business success and impact on business and economic performance.

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Contact
Karl Oczkowski
Senior Director, Corporate Communications & Public Relations
Canadian Chamber of Commerce
613.238.4000 (2231)
koczkowski@chamber.ca