We’re living in an age where just about every square inch of our planet can be found on Google Maps. When we are driving through town craving Chinese food, we can say “find nearest Chinese restaurant” into our smart phones and be immediately guided to the closest, highly-rated eatery for that plate of Orange Chicken we were hungering for just a moment ago.
So why wouldn’t you consult a map to look for your next business opportunity? If you are prospecting for new business, why not look at areas in your target industry where delinquency rates are low and business credit risk scores are high? At Experian, we provide information on more than 25 million active U.S. businesses of all sizes. That Chinese restaurant we were just talking about uses credit to operate, pays bills to its suppliers and has a credit risk score. The success of that business is documented at Experian through commercial credit data, which will enables it to purchase the supplies it needs more easily and at better rates and terms than other businesses of its type.
Mapping Big Data
Every quarter Experian crunches the credit data on millions of businesses across the country and works with the economists at Moody’s Analytics to co-author the Experian/Moody’s Analytics Small Business Credit Index report. The report offers insights on business credit trends at a macroeconomic level, showing how promptly businesses are paying their bills, what areas of the country are going bankrupt, and which areas are doing well. The report also offer opinions on how certain industries are performing, as well as how Government policy is impacting small business. We thought it would be useful to our customers to take that same business credit data and put it in map form, so they can easily see the trends across the country. So, it is with great pride that we unveil the Business Information Map.
The Business Information Map enables users to analyze small business credit health on a quarterly basis, offering key performance metrics such as average risk score, delinquency rate, days beyond terms and bankruptcy. Business owners can drill down by state or metro statistical area (MSA), and analyze the top 25th percentile of businesses across seventeen major industries.
Mapping the Economic Aftermath of Hurricane Sandy
On October 25th, 2012 Hurricane Sandy made landfall. It would become the deadliest and most destructive hurricane of the 2012 Atlantic hurricane season, as well as the second-costliest hurricane in United States history. The Weather Channel and every news channel of the day used maps to predict the path of devastation.
Today, when you look at the construction industry on the Business Information Map, you will notice in Q1 2014, four of the top five MSAs when sorted by average credit risk score are located just north of the path of devastation.. They are rebuilding. If you are prospecting for business with construction companies, this area might stand out as a good place to start.
Q1 2014 Top and Bottom Performing MSA's - Construction
|Top Performing MSA's||Bottom Performing MSA's|
|Springfield MA||64.49||Miami FL||43.81|
|Providence-Fall River-Warwick RI-MA||63.92||Fort Lauderdale FL||45.42|
|Worcester MA-CT||63.28||Orlando FL||47.58|
|Hartford CT||62.01||Fort Myers-Cape Coral FL||48.18|
|Pittsburg PA||61.98||Las Vegas NV-AZ||48.00|
Business owners can use the Business Information Map to mine for opportunities, target collections efforts or analyze trends over time. Just as The Weather Channel can use maps to illustrate when and where hurricanes might make landfall, the Business Information Map can help uncover trends in business credit on a national and metro level, thereby helping businesses and organizations focus their efforts. We offer access to the Business Information Map at no cost, what’s not to love about that?
Learn more about the Business Information Map at www.experian.com/ibim.