Embracing Technology for Competitive Advantage
In today’s rapidly evolving economic landscape, businesses are increasingly turning to technology to maintain a competitive edge. One such example is Intelligent Economics, a firm that has harnessed the power of advanced digital platforms to offer unique insights into economic trends. Their platform operates on Microsoft’s Azure App Service, a robust solution for hosting web applications on the cloud. Additionally, it utilizes Power BI, a comprehensive suite of tools designed to transform raw data into interactive visuals and actionable insights.
Launched in 2018, the Intelligent Economics portal has continually evolved, incorporating new features and enhancements to better serve its clients. A notable advancement is the introduction of an AI-powered bot, first released in beta in November. This sophisticated tool aims to expedite data searches and enhance user experience by making interactions more intuitive and efficient.
The AI bot operates on the Azure OpenAI Service, leveraging the capabilities of the GPT-4 model. By utilizing Azure AI Foundry and Azure AI Search, Intelligent Economics has equipped the bot with advanced machine learning capabilities. These tools allow the bot to refine its responses and improve over time, offering users a personalized and efficient experience. Importantly, client data remains anonymized, ensuring privacy while enabling the bot to learn and adapt.
The platform is fed with over 1,000 economic indicators from regions such as Puerto Rico and the Dominican Republic. These indicators are rigorously verified and updated by Intelligent Economics’ team of economists. The data encompasses a wide range of economic metrics, from per capita income and inflation rates to retail sales and personal consumption figures. Additionally, data from the broader United States and Latin American countries is included, providing a comprehensive view of economic trends.
Chantal Benet, vice president and chief economist at Intelligent Economics, emphasizes the quality of the data used: "The most important thing is that it is fed with our database … not from random data found on the internet." This assurance underscores the reliability and accuracy of the information provided.
Clients have the option to upload their own internal data, such as sales figures and pricing information. This feature allows them to blend proprietary data with public statistics to create tailored business forecasts. Intelligent Economics’ team of economists regularly tracks monthly and yearly indicators, compiling data from diverse sources including government websites and both public and private entities. The data is often segmented by municipality, offering a detailed local economic perspective.
Many clients appreciate the convenience of having all necessary economic data available in one place. Accessible at any time, the platform presents information in a user-friendly format with customizable dashboards and vivid charts. This ease of access facilitates better decision-making and strategic planning, ultimately enhancing competitiveness in a challenging market environment.
In addition to the platform’s data offerings, Vélez, the founder of Intelligent Economics, has developed proprietary economic surveys. These include a monthly consumer confidence index and specific daily analyses that elucidate economic indicators and trends. This focus on local data provides clients with insights that are often more relevant than those from global platforms.
Navigating Local Economics with Precision
Thompson, the leader of De la Cruz, a prominent advertising and marketing firm in Puerto Rico, has been a client of Intelligent Economics since 2006. In the past, accessing economic data involved lengthy phone sessions, sometimes with frustrating delays when immediate information was needed. However, the introduction of the Intelligent Economics portal has revolutionized this process, saving Thompson significant time and effort.
For instance, when preparing for a strategic acquisition in the Dominican Republic, the portal enabled Thompson to quickly gather the necessary data to justify the decision to stakeholders and secure financing. Moreover, the platform has proven valuable not only for Thompson’s firm but also for its clients. Recently, it was instrumental in identifying new markets for a multinational bank undergoing a leadership transition in Puerto Rico.
"The ability to access everything from a single portal accelerates our entire analysis process," Thompson remarked. "That’s incredibly important for us."
Rapid access to reliable information is especially crucial in Puerto Rico, which has faced a prolonged economic downturn since the mid-2000s. This downturn, compounded by natural disasters and governmental challenges, has led to significant migration from the island. The World Bank notes that such an economic environment necessitates a short-term outlook to effectively navigate future steps.
Gustavo Vélez, who began his career as an economist for the San Juan municipal government in the early 1990s, founded Intelligent Economics with his life savings after more than a decade in public service. From the outset, Vélez and his team sought to distinguish themselves from the competition. Today, he envisions digitalization as a catalyst for tripling sales over the next decade, anticipating that the firm could expand to serve 400 clients without increasing staff numbers.
Benet reiterates the firm’s commitment to digital innovation: "We always knew that technology was the future." This forward-thinking approach positions Intelligent Economics as a leader in the realm of economic consultancy, offering clients unparalleled insights through technology.
In conclusion, Intelligent Economics exemplifies how businesses can leverage technology to gain a competitive advantage. By integrating cutting-edge digital tools and maintaining a focus on high-quality, localized data, the firm provides its clients with invaluable insights that empower them to make informed decisions. As the world continues to embrace digital transformation, Intelligent Economics stands ready to guide its clients through the complexities of economic analysis with precision and confidence.
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