Expanding overseas to sell your goods and services can be daunting, with a seemingly limitless number of markets to target. Yet, just as Big Data is creating smarter healthcare solutions and predictive machines, trade data can be a powerful tool in searching the globe for the right customer.
A good place to start this quest for global insight is by researching what the federal government has in the way of trade data. Who knows, maybe one of the many trade agencies has just that nugget of intel you’ve been looking for.
However, the challenge is that these agencies publish a lot of information, and with the Open Data Initiative at full tilt, more data becomes available every day. The Trade Promotion Coordinating Committee, charged with coordinating U.S. government export promotion and financing activities, is made up of 20 agencies that share a common goal – help U.S. companies increase exports of their products and services.
International Trade Administration (ITA) The ITA, which oversees the Department of Commerce’s (DOC) global operations, has ten sets of trade data open to the public. Census The Census Bureau, also within the DOC, has eleven data sets available. State Department The State Department has several RSS feeds with important information about the state of the world. Treasury Department Treasury publishes multiple screening lists (names of individuals / organizations you might not be allowed to do business with) such as the Specially Designated Nationals.
This is where open data really shines. Companies that you work with to sell your products overseas — such as shipping, logistics or ecommerce companies — can easily integrate the Consolidated Screening List into their business process. They can automatically check the parties in your transaction against all of the lists. Obviously, you save time and money. But the big benefit is that you are less likely to unlawfully do business overseas all because three agencies opened up their data.
Read the whole article and more about these services on TradeUp Blog.
By Guest Author Stuart Ridgway, read more at stuartridgway.com.