Global trade data is a crucial tool for businesses looking to grow and ensure compliance with international trade regulations. With the increasing risks across the global economy, it has become more important than ever for businesses to have access to accurate and timely global trade data.
There are many global trade data solutions available on the market, each offering different features and capabilities. In this article, we will review a few key considerations for choosing a global trade data provider.
Key Takeaways
- Choose a global trade data platform that offers multiple data access methods, including online searches, BI tool integration, API access, and flat file delivery.
- Ensure the provider offers effective training and ongoing support to maximize the use of their platform.
- Having a dedicated account representative ensures personalized, consistent, and efficient support tailored to your specific needs.
- Select a provider committed to regular updates and enhancements, reflecting a proactive approach to maintaining high service standards and staying current with industry advancements.
Coverage Matters (Transactional vs. Statistical data)
When comparing global trade data providers, it is crucial to consider not just the number of countries covered, but also the type and quality of data available, which can be equally or even more important depending on your objectives.
Countries have different rules and regulations around what type of data is available and typically, this is broken down into two buckets, transactional and statistical information.
Transactional Global Trade Data
Transactional global trade data refers to detailed, individual records of trade activities, including information on specific shipments, transactions, and the parties involved. This data includes details such as the types of goods traded, quantities, prices, shipment dates, origins and destinations, and the entities (importers, exporters, shipping companies) engaged in the trade.
Transactional Global Trade Data Benefits
- Granular Insights: Provides specific details about each transaction, enabling businesses to understand market dynamics at a micro level.
- Real-time Monitoring: Allows for real-time tracking and analysis of shipments and trade activities, facilitating timely decision making.
- Competitive Analysis: Helps in monitoring competitors’ activities and strategies by analyzing their trade patterns and shipment details.
- Supply Chain Optimization: Enhances the ability to track and manage supply chains more efficiently by providing visibility into shipment timelines and routes.
- Risk Management: Identifies potential risks and irregularities in trade practices, aiding in compliance and risk mitigation.
Transactional Global Trade Data Uses
- Market Entry: Businesses can identify specific opportunities and market trends.
- Pricing Strategies: With pricing details of traded goods, companies can adjust their pricing strategies to remain competitive.
- Supplier Selection: Detailed shipment records help in evaluating the reliability and performance of suppliers and logistics partners.
- Fraud Detection: Identifies discrepancies and unusual patterns in trade data that may indicate fraudulent activities.
- Customer Relationship Management: Enables personalized communication with clients based on their specific trade activities and preferences.
If you are looking to use this data for business development, find new suppliers, or conduct competitive analysis, you will want to know how many countries a global trade data solution provides transactional level information for.
Statistical Global Trade Data
Statistical global trade data encompasses aggregated trade information compiled from various sources, including customs, trade organizations, and government agencies. This data provides macro-level insights into trade volumes, values, trends, and patterns over time and across different regions and industries.
Statistical Global Trade Data Benefits
- Trend Analysis: With a broad view of trade trends, businesses can identify long-term patterns and shifts in global trade.
- Economic Forecasting: Assists in predicting economic conditions and making informed business decisions based on trade data trends.
- Policy Making: Informs policymakers and trade organizations when developing strategies and helps them understand regulations that support international trade.
- Market Research: Provides comprehensive market research data, aiding in the identification of opportunities and emerging markets.
- Performance Benchmarking: Enables businesses to benchmark their performance against industry standards and competitors.
Statistical Global Trade Data Uses
- Strategic Planning: Develop long-term strategies based on macro-level trade trends and forecasts.
- Market Analysis: Identify new markets for expansion by analyzing overall trade volumes and growth rates.
- Economic Impact Studies: Study the impact of trade on economic growth, employment, and industry performance.
- Trade Policy Development: Assists governments and trade organizations in formulating policies that promote trade and economic development.
If you are focused on pricing, volume and tracking trends, based on Harmonized Tariff Schedule (HTS) codes, statistical global trade data might be more suited to your needs.
By leveraging both transactional and statistical global trade data, businesses gain a comprehensive understanding of the trade landscape, enabling them to make informed decisions, optimize their operations, and capitalize on new opportunities.
Consider the Versatility Provided by Different Global Trade Data Providers
Online Database Searches
For users who prioritize convenience and ease of use, online database searches provide a user-friendly interface to quickly retrieve and analyze trade data. This method is ideal for businesses that require ad-hoc queries and instant access to specific datasets without the need for extensive technical setup.
Integration with Business Intelligence Tools
Many companies already use robust business intelligence tools like Microsoft Power BI for data analysis. Providing data compatibility with such platforms allows clients to effortlessly import, visualize, and analyze trade data within the same tools they currently use for other aspects of their business. This seamless integration helps streamline workflows and improves data-driven decision-making processes.
API Access
API integration offers a flexible and scalable solution for accessing trade data. APIs enable clients to programmatically request and retrieve data, facilitating real-time integration with their internal systems and applications. This method is particularly beneficial for companies that require frequent updates or need to automate data retrieval processes, ensuring they always have the latest information at their fingertips.
Flat File Delivery
For clients who prefer or require bulk data downloads, flat file delivery (such as CSV, Excel, or XML files) is a helpful, or even a critical, feature. This method allows users to download large volumes of data for offline analysis, archival purposes, or integration with local databases. Flat file delivery is especially useful for clients who need to perform extensive data manipulation or prefer to work with data in a raw spreadsheet format.
It is important that companies offer clients the ability to access trade data in a variety of different ways in accordance with their needs. For example, many clients prefer to conduct online database searches while others prefer to utilize programs they are already familiar with, such as Microsoft Power BI. Others may prefer data access via API or flat file delivery. Some clients even need to access the data via custom integrations to seamlessly incorporate it into their proprietary business systems. By providing a versatile variety of data access options, global trade data providers can cater to a wide range of client preferences. This flexibility not only improves client satisfaction but also maximizes the value that businesses can derive from global trade data, enabling them to make more informed decisions, optimize their operations, and identify new market opportunities.
Dedicated Training and Support
As with most technology, effective training and support is critical when assessing global trade data solutions. Effective training enables organizations to quickly become proficient with their global trade data solution, and ongoing support ensures that any user questions are quickly resolved so that businesses can go deeper into their data analysis. Here are some key customer support components to look for when considering global trade data providers:
- Tailored Onboarding Experience: Provide personalized onboarding to ensure that clients understand and effectively use the platform.
- One-on-One Training Sessions: Offer individualized training sessions to address specific client needs and questions.
- Ongoing Support and Assistance: Ensure continuous support through various channels to quickly resolve daily issues
- Customized Training Materials: Offer tailored training materials relevant to each client’s needs.
- Proactive Client Engagement: Regularly reach out to clients with updates, insights, and new feature introductions.
Having Dedicated Client Engagement
Having a dedicated account representative when working with your global trade data provider ensures consistent and efficient communication. This single point of contact becomes familiar with your account history, preferences, and specific needs, leading to quicker resolutions and more effective support. A personalized approach helps to maximize the value of the service through tailored advice and proactive assistance.
This ongoing relationship fosters trust and reliability, as your representative is committed to your success and can advocate for you within the provider’s organization. They provide strategic guidance, helping you navigate trade data complexities and make informed decisions, while seamlessly managing your account.
Dedicated to Continued Program and Database Improvements
When evaluating global trade data providers, it is essential to consider their commitment to ongoing improvements. Are they adding new countries to their database and expanding their coverage? Frequent updates ensure access to comprehensive and up-to-date trade data. Providers that continuously introduce new features demonstrate a dedication to enhancing user experience and functionality.
Conclusion
Choosing the right global trade data provider is crucial for businesses aiming to grow and comply with international trade regulations. As the global economy faces increasing risks, access to accurate and timely trade data becomes essential. This article has outlined several key considerations for selecting a provider that meets your specific needs and objectives.
Evaluating the coverage and type of data offered, whether transactional or statistical, helps in identifying a provider that aligns with your business goals. Additionally, the versatility in data access options, dedicated client support, and commitment to continuous improvements, are critical factors. By carefully assessing these elements, businesses can ensure they choose a provider that supports their long-term success and adapts to their evolving needs.
How Descartes Datamyne Can Help
Descartes Datamyne stands out as the premier global trade data provider, offering comprehensive and accurate data to support your business needs. With extensive coverage that includes transactional and statistical data from numerous countries, Descartes Datamyne ensures you have access to detailed and aggregated trade information to make informed decisions.
Versatile Data Access: Descartes Datamyne provides multiple data access options tailored to your preferences. Whether you prefer online database searches, integration with business intelligence tools like Microsoft Power BI, or data access via API and flat file delivery, Descartes Datamyne offers the flexibility needed to seamlessly incorporate trade data into your operations.
Dedicated Support and Training: With Descartes Datamyne, you receive personalized onboarding and continuous support to ensure that you maximize the value of their platform. One-on-one training sessions and a dedicated account representative ensure you get the most out of your trade data solution, fostering an ongoing relationship that prioritizes your success.
Continuous Improvement: Descartes Datamyne is committed to regularly enhancing their platform by adding new countries, features, and capabilities. This dedication to continuous improvement ensures you always have access to the latest and most relevant trade data, helping you stay ahead of market trends and identify new opportunities.
By choosing Descartes Datamyne, you gain a reliable partner that supports your global trade data needs with robust solutions, dedicated service, and a commitment to ongoing enhancement, enabling you to make well-informed decisions and drive business growth.
Author
Chris Kahan
Senior Account Executive – Global Sales
Descartes