(OTTAWA) — February 18, 2022 — Organizations in Canada and around the world are striving to better use data to improve their understanding of business and market conditions, in real time and with increased granularity. Today, with the launch of its new Business Data Lab (BDL), the Canadian Chamber of Commerce will bring its entrepreneurial approach to improving how we understand business conditions in Canada by industry, geography, company size, ownership — including diversity and inclusion metrics — and international business activities.
With the BDL, the Canadian Chamber will bring together data from a variety of sources to track evolving market conditions, providing businesses with critical information to help them make better decisions and improve their performance. For example:
- Small businesses across Canada will be better able to seamlessly move beyond national statistics to monitor market conditions in their region.
- Quarterly business surveys will provide detailed insights that drill down by ownership characteristics and give an advanced sense of future trends.
- Businesses owned by diverse segments of the population can benefit from focused research into their specific needs and opportunities.
Working in collaboration with Statistics Canada and with financial support from the Government of Canada, the BDL’s goal is to advance how we understand Canadian businesses by providing real-time and future-focused insights for companies of every size, sector and region of the country.
As BDL begins ramping up operations, led by Canadian Chamber of Commerce Chief Economist Stephen Tapp, it will produce three types of outputs:
- Dashboards: High-quality, high-frequency indicators most relevant to businesses on the state of Canada’s economy.
- Canadian Survey on Business Conditions analysis: Value-added analysis on topical business issues based on Statistics Canada’s survey of over 15,000 employers.
- Reports and policy briefs:Insights to identify future growth opportunities for Canadian businesses, key obstacles and policies to realize Canada’s full economic potential.
Early in the pandemic, Statistics Canada and the Canadian Chamber partnered to quickly develop an innovative Canadian Survey on Business Conditions. This successful collaboration will continue as Statistics Canada houses the BDL’s new Business Data Trust with the highest standards in place to ensure data security and privacy.
The BDL will convene, consult and engage inclusive stakeholder communities and other traditionally under-represented groups to help inform its initiatives. The BDL will also develop a new Federal Government Advisory Council, comprised of stakeholders with unique perspectives on Canadian business, business surveys and government programs for business. As a result, BDL insights will build an evidence base to help ensure government support measures are responsive to the needs of Canadian businesses and entrepreneurs.
This BDL announcement is part of a broader transformation and expansion at the Canadian Chamber of Commerce to meet the changing needs of its members. Its transformation will take the organization well beyond its traditional role as the voice of Canadian business as a federal lobby organization to also becoming the undisputed champion and catalyst for the future of business success, with new divisions and offerings to serve businesses of all sizes and sectors across the Canadian Chamber Network, including:
- Best-in-class data and insights.
- Tailor-made solutions for SMEs, including training and consulting services.
- Enhanced membership benefits.
- Expanded B2B networking opportunities.
- International growth boosters.
“As the pace of change accelerates and competition grows, Canada’s businesses need solid, timely data to help them adapt quickly to marketplace changes. The Canadian Chamber’s Business Data Lab will provide data tools to help Canadian businesses successfully emerge from the pandemic and create sustainable, inclusive economic growth. As part of our Chamber 2025 Strategic Plan, we are launching a number of exciting initiatives, like the Business Data Lab, to give businesses more of what they need to succeed: insight into markets, competitors and trends and the ability to shape the decisions and policies that drive business success.”
–Perrin Beatty, President and CEO, Canadian Chamber of Commerce
“The pandemic highlighted knowledge gaps in traditional official statistics and underscored the need to experiment with new approaches to develop complimentary, timely indicators to improve our understanding of Canadian business realities, challenges and expectations for recovery. I’m thrilled to be leading the Canadian Chamber’s Business Data Lab, which will develop critical tools to help small businesses across Canada drill down beyond national statistics to better track market conditions in their regions. Our analysis of large-scale business surveys will provide an advanced sense of future trends and our inclusive approach will engage businesses owned by diverse segments of the population to better understand their unique challenges and growth opportunities.”
–Stephen Tapp, Chief Economist, Canadian Chamber of Commerce
“As we move into a post-pandemic economy, our government understands just how important it is for Canadian small businesses to have reliable and timely business data. The Business Data Lab will do just that as it will provide a wealth of information on how Canada’s businesses are doing and how we can better help them. Having access to this type of data will not only strengthen the business environment but also help lead Canada to a stronger economic recovery.”
–The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“Small businesses are the heart of our communities and the engine of our economy. Their success will be critical to Canada’s economic recovery. The Business Data Lab is an important investment that will provide a new level of detail and future-focused information. This will help our government continue providing small businesses across the country the support they need to get through the pandemic and come out the other side even stronger.”
– The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development
“Businesses and policy-makers have never needed more high-quality and timely data than they do now, given today’s rapidly evolving economic context. Statistics Canada is proud to further strengthen its partnership with the Canadian Chamber of Commerce in developing the Business Data Lab, designed to provide future-focused business indicator data to help governments, business associations and entrepreneurs from all regions of Canada capitalize on business growth opportunities.”
– Anil Arora, Chief Statistician of Canada
For a detailed backgrounder and more information about the BDL, visit our webpage here.
About the Canadian Chamber of Commerce — The Future of Business Success
The Canadian Chamber of Commerce is Canada’s largest and most activated business network — representing 450 chambers of commerce and boards of trade and more than 200,000 businesses of all sizes, from all sectors of the economy and from every part of the country — to create the conditions for our collective success. The Canadian Chamber of Commerce is the undisputed champion and catalyst for the future of business success. From working with government on economy-friendly policy to providing services that inform commerce and enable trade, we give each of our members more of what they need to succeed: insight into markets, competitors and trends, influence over the decisions and policies that drive business success and impact on business and economic performance.