We are always looking at ways of making our users’ experience better. Whether that’s using AI to refine our data to give you the most accurate information you require, or investing in new tools and functionality to help you interpret the analysis, we don’t stand still at IDM!
We are delighted therefore to launch a significant update for IDM Business this month, with a feature that allows users, for the first time, to explore detailed, individual forecasts for business growth in any given local authority and industrial sector.
Deploying a range of AI-driven modelling techniques, users can create a five-year forecast of Net Additional Businesses and Additional Employment that helps them to understand what is likely to happen in any economy.
How we’ve done it:
We’ve built a machine learning process that selects the most appropriate and accurate forecasting technique based on our Occupiers Dataset.
In addition, and in order to build a forecast employment tool, we have modelled data from over 2.5M filed sets of company accounts to generate a predicted employee number for each new business by sector. Finally, using historical data from Companies House going back 10 years, we have determined the 5-year death rate of businesses.
Taken together, these different models combine to provide users with a baseline model of how much a sector will grow, by net new businesses and employees, with a 95% confidence interval measure.
Based on feedback from our user community, we believe that this will provide valuable intelligence to support your thinking and strategic planning, answering questions that would otherwise take many weeks or months to do currently.