Economic data may be in for some renovation and rejuvenation with real-time inputs. A Google-backed startup known as Premise is trying its level best to revamp this phenomenon via its real-time plans of changing the game itself.
Information about economic facts is to be radically transformed for the better. Companies that gauge the changes in economic figures will be operating differently from now onwards thanks to the introduction of a brand new tool. An example of this would be the Premise Data Corporation. It takes snapshots of various items for sale in supermarkets and keeps a record of their cost prices.
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It is supported by Google Ventures, Andreessen Horowitz and Harrison Metal. The company employs people to shoot pictures of items ranging from eggs to meat and analyzes the quality differences between them over time. Any consumer may zoom in on the product to evaluate its quality. This reminds one of Google Earth in many ways.
Premise has the added facility of providing prices of these items to its clientele. The collected data is then arranged into a monthly inflation report. It is all basically a game of statistics. And the goal is to keep people, especially consumers up to date regarding the prices and quality of goods in the marketplace.
The improvement in such data delivery is a race that has just begun. From now on all you need is a smart phone and it will download the required economic data for you. Premise Data Corporation has over 700 agents in 25 cities around the world collecting the necessary info and relaying it back to the central hub. The price, quality and discount rate on any item, be it potatoes or onions will now be a cinch to access thanks to this new methodology.