Big Data and Machine Learning to strengthen business indicators

During the last months, different organizations and governments have not stopped talking about a context of economic slowdown, and even a possible recession. One of these entities is the International Monetary Fund (IMF), which forecasts global economic growth of 2.8%, which would be one of the lowest in decades.

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Colombia is no stranger to this situation and the OECD ensures that GDP will go from 8.1% with which it closed 2022 to 1.2% in 2023. This situationalthough it impacts the pocket of Colombians, the truth is that it is the companies that have to overcome the most challenges in order to address the situations that are generated as a result of the global economic panorama.

However, technologies have been demonstrating that they are a key factor when it comes to solving different situations and that they improve business processes, allowing them to become much more optimal, profitable and competitive. Something that has been demonstrated for more than 15 years by CVN, a Colombian company that has been using Artificial Intelligence, Machine Learning and Big Dataso that companies can access foreign trade, financial and economic data and information to make better decisions and implement market intelligence strategies.

To date, this company has impacted more than 1,200 companies in 15 countries with its technological solutions. And it has even been recognized by organizations such as MinTic, Andi del Futuro, iNNpulsa, Apps.co, Bolívar Davivienda Foundation; the DIT (Department of International Trade of the United Kingdom) and the USTR (United States Trade Office), among other national and international entities.

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José Esteban Rojas, co-founder and CEO of CVN, explains that they developed a solution within the world of Open Data, in which they managed to convert all that public information into valuable information that allows managers or executives from different areas to make precise decisions. within their different markets, since, depending on their sector, they can access detailed information on products, brands, references, presentation, unit price, generated sales and details of imports or exports that are made of what they are interested in. interested and that is updated in real time.

“At the moment we have access to more than 30 different data sources in the world, however, what makes us unique in the market is that we have exclusive information thanks to the fact that we have achieved, using neural network technology, data processing, text and mathematical-statistical methodologies, cross different sources and create new data”, says Rojas, who adds that another factor that makes them stand out is a network of professionals from different areas who help generate reports using a ‘data storytelling’ method, which means, “that we tell a story to make that difficult date something much more enjoyable for today’s managers”.

This is another of CVN’s strengths, since its platform not only allows users to see market data in real time, but also gives users who pay a subscription the possibility to request reports of their markets. Year, The manager points out that they carry out more than 200 of these investigations and process two terabytes of data in Latin America.

It should be noted that a study prepared by MicroStrategy that surveyed 500 companies in Brazil, Germany, Japan, the United Kingdom and the United States, found that 61% said that data and analytics are very important to the growth strategy of their organizations.

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Likewise, among those who already applied this type of technology, 64% stated that it brought them an improvement in their efficiency and productivity; 56% greater speed and effectiveness when making decisions; 51% had better financial performance and 46% have enabled the identification and creation of new products and services, among other things.

For this same reason, the CEO of CVN states that although before the problem was that there was no information, today, the dilemma is that there is excess information, and that is why many companies still make decisions without having clear data. . In this sense, technologies must now aim to be a solution to this situation and allow managers of any organization to understand the world of data easily.

“In the framework of the current macroeconomic situation, we are working on having a tool so that, with natural language processing, users can obtain accurate and fair information about their markets through WhatsApp. In addition, we are integrating a decision maker to give them three or four alternatives in the face of determining situations and that this is of value when deciding on an issue”, Rojas stated.

It should be noted that exports in Colombia have been one of the great drivers of the economy in the country, and the Datosmacro portal of the Expansión newspaper indicates that by 2021 foreign sales had grown by 25.48% compared to the previous year and represent 12.82% of the national GDP.

In this sense, and taking into account the difficult macroeconomic context that the world is going through, exports will play a fundamental role in strengthening the country’s economy, and for this, companies will be required to play their cards well with key data that allows you to carry out a true market intelligence strategy.