2 minute read
Digital Skills
How improving insight can create a skilled
and resilient business community
Investing in data and insight can transform how we understand businesses, their place within local markets, and the opportunities for growth and expansion.
One of the primary functions of the Liverpool BID Company is to support decision making in order to help improve the environment in which businesses operate within. Over the past twelve months, an investment in the quality and breath of data available has helped Liverpool BID Company provide valuable insights into the workings of Liverpool’s economy.
Monthly business insight updates are provided for free to firms across the city covering a range of topics. Driven by data, these reports provide a comprehensive snapshot and analysis of the city centre showing how many people are visiting on a day to day basis, how and where visitors are spending, how and from where people are travelling, levels of expenditure, plus where available retail units are located. Regularly used by the media to provide an overview of Liverpool’s economic and social activity, this data has been able to highlight various trends, from the recovery in footfall levels as Covid restrictions have eased through to the return of workers back into the office. Such understanding enables an increase in customer confidence and allows businesses to benchmark themselves within their market, protect jobs and forecast with a greater level of certainty.
For businesses, this data can also help create a more skilled business community. Mapping and tracking this data, in the comprehensive monthly reports, is a vital skill in the modern workplace. Analysing this data and being able to present it to management teams is an important aspect of supporting business development. Performance and data analysis are skilled and growing fields in Liverpool’s creative and technical community. In a super connected workplace, the provision of this data is allowing some businesses to count on an unofficial data officer supporting their teams.
Understanding how the city works, with its ebbs and flows, ensures businesses are equipped with a level of knowledge to remain competitive. The greater the level and depth of data a business has of the wider environment, the more agile and responsive they can be. In a period where the way we work is changing rapidly, regular data driven reporting provides valuable insight in the opportunities the Liverpool market holds for businesses.
Future and past Liverpool BID Company Business Data Reports can be found here: www.liverpoolbidcompany.com/
