Can Big Data Help With Inflation?

Being able to predict inflation rates is critical for investors and business owners. Inflation is the change in prices within a particular economy over a certain period of time. Inflation is always a concern for customers and businesses, but recently it’s been especially problematic.
To keep up with inflation, some companies have raised prices while others are exploring ways to reduce expenses while at the same time having to deal with supply chain difficulties. Instead of reacting to problems as they arise, business experts believe you should take a more proactive role in tackling inflation by using real-time data.
Using Real-time Data
By using real-time data, organizations can get a clear look into their supply chains, locate where they can cut costs, and make more informed decisions. 
Data analysis helps business owners recognize supplier advantages and disadvantages, and helps them recognize delays and other issues that could hurt production. Real-time data can help managers deal with global disruptions, like the pandemic, as well as regional, like dealing with a weather event.
Reports in some business journals suggest that nearly 75% of executives are finding it difficult to implement data and analytics into their businesses. They all know how important data is to a strong business model. 
Data can help businesses lessen the impact of rising prices or take advantage of it through trend-tracking.
Trend Tracking
Trend analysis, or trend tracking, means comparing data points over a certain period of time so one can identify upward and downward trends. The more notable, the more consistent the trend allows business managers to make more informed decisions.
For example, the price of beef has increased while that of plant-based burgers has decreased, leaving an opening for producers of veggie-based meat. Data can also be used to track key performance indicators (KPIs) across different industries allowing managers to examine the market more closely.