Using big data to attract big investments
How YES! Winnipeg is using tools like Gazelle.ai to help identify new targets for foreign direct investment
More and more, companies are relying on data to help grow their business. Big data, which uses massive data sets to identify trends and patterns, is already being used by local and global organizations in Winnipeg to drive business growth. Agribusiness companies like Farmers Edge are using big data in the precision agriculture industry, while food delivery enabler SkipTheDishes uses real-time GPS data to track each of their delivery schedules, in real-time and with pinpoint accuracy. With companies like these pushing the envelope on what is possible with big data, Winnipeg is becoming a leader in this emerging sector.
As big data drives business growth, it can also drive Winnipeg’s economic development. Inspired by the private sector companies that support YES! Winnipeg, the team is harnessing the power of big data to better focus their efforts and drive investment opportunities. Big data is a new tool in YES! Winnipeg’s evolving arsenal to identify high-growth Winnipeg companies in need of support, and attract new foreign direct investment (FDI).
Having access to the best data is a competitive advantage for any jurisdiction. When data is integrated with other data points to tell a story, it can be a powerful tool for identifying, targeting, and converting FDI opportunities into wins for Winnipeg. For YES! Winnipeg, the identification of these target companies is essential information - to compete with other jurisdictions and win, the team needs to execute a sophisticated strategy. Big data can also help YES! Winnipeg focus on the highest potential opportunities, yielding maximum value for every dollar invested in the initiative.
The highly competitive business of foreign direct investment attraction requires cutting-edge tools, and YES! Winnipeg is prepared to compete. Big data tools can help Winnipeg keep pace against competitor jurisdictions, helping to quickly and effectively identify new companies that are likely to expand and are looking for new centres of operation, distribution, or talent.
Recently, the YES! team acquired access to Gazelle.ai – a machine-learning platform that helps economic development agencies identify new targets for investment attraction. This system, which identifies businesses who may be seeking to expand in the next 24 months using a variety of indicators and intelligent software, is a game-changer for YES! Winnipeg.
How Gazelle.ai is helping YES! Winnipeg find new target companies
- Accessing more and better data, pulled from thousands of databases across North America
- Incorporating artificial intelligence into search algorithms, pairing the best company targets with Winnipeg’s core value proposition across key sectors
- Focusing business development efforts on the highest-potential opportunities, maximizing ROI for every dollar spent
- Embedded tools for supply chain and other analysis that allow for more sophisticated development of tailored investment pitches
- Insights into company venture capital / private equity financing, with the ability to identify relevant sources of capital for existing local companies as well
- Enhanced ability to use cluster mapping to identify gaps and opportunities
Using big data analytics, Gazelle.ai can quickly identify trends and businesses that are not immediately evident and identify new business prospects. Using this tool creates an opportunity for the YES! team to strategically manage FDI resources and increase the success rate of FDI initiatives. Using fewer resources and improving time management, while finding new companies from further afield also allows for a greater reach, resulting in better business outcomes.
Gazelle.ai is an innovative example of how data can be used to help YES! Winnipeg evolve its work in the FDI space. This type of big data analysis allows YES! Winnipeg to have greater impact on FDI attraction, while spending less time on research and dead-end cold calls. It also maximizes investor dollars, and helps YES! Winnipeg utilize every dollar invested in the team more effectively.
With resources like Gazelle.ai, YES! Winnipeg is contacting companies from across North America, encouraging them to consider Winnipeg as an ideal location for expansion or relocation. With this tool, the city is being considered as an investment site, and competing against larger jurisdictions. Pursuing more business leads than ever before, the YES! team is opening Winnipeg up to new markets and sharing the city’s competitive advantages in more sophisticated ways to receptive audiences.