Everything One Needs to Know about Business Data Lab (BDL)

Small Business Canada

In recent years, the business landscape in Canada has developed rapidly. That’s why the Canadian Government and its major partners need better data in the present state of small businesses in Canada so that the business community and government can make meaningful and strategic contributions that will lead to an even more robust economic recovery.

On February 18, 2022, the Minister of Innovation, Science and Industry, Honorable François-Philippe Champagne, on behalf of the Minister of Trade, Export Promotion, Small Business and Economic Development, Honorable Mary Ng, announced a whopping $2.8 million investment to set up the Business Data Lab (BDL), a collaboration between Statistics Canada and Canadian Chamber of Commerce.

Small businesses are the heart of Canadian communities as well as the engine of Canada’s economy. Their prosperity is vital to Canada’s economic recovery. The BDL is a notable investment that is going to provide a whole new level of future-oriented and detailed information. This will help the Canadian government to provide small businesses in Canada the assistance they need to get through the global pandemic and be even stronger on the other side.

At the start of the pandemic, the Canadian Chamber of Commerce and Statistics Canada collaborated to rapidly develop a cutting-edge Canadian Survey on Business Conditions. This prosperous partnership continues as Statistics Canada hosts BDL’s new Business Data Trust with the best standards to ensure privacy and data security.

What’s Business Data Lab (BDL) Is All about?

Canadian Chamber of Commerce’s innovative program, BDL (Business Data Lab), will provide forward-looking, live data and information for companies of all shapes, sizes, sectors, and geographies across Canada. The Business Data Lab will bring together data and information from a wide variety of sources to monitor growing market conditions and provide critical information for Canadian companies in order to help them make informed decisions and enhance their overall performance.

Statistics Canada’s data literacy and data capability expertise will be used to oversee the BDL program and enable the delivery of fresh data and analysis that provide insight into the latest business conditions. The Canadian Chamber of Commerce will be conducting extensive stakeholder consultations with territorial, local, and provincial Chambers of Commerce, traditionally underrepresented groups, and industry associations.

To fulfill this notable mandate, the Chamber of Commerce will be forming a robust advisory committee to identify areas of economic interest.

As the operations of Business Data Lab ramps up, it will put forward:
  • Dashboards

Top-notch and high-frequency indicators to help know the state of Canada’s economy most relevant to businesses.

  • Reports and Policy Briefs

Information to recognize future growth opportunities for Canadian businesses, key roadblocks and guidelines to realizing Canada’s full economic potential.

  • Canadian Survey on Business Conditions Analysis

Creating valued analysis on current business problems on a Statistics Canada survey of more than 15,000 employees.

How Business Data Lab (BDL) Is Going to Help?

In partnership with Statistics Canada and the financial backing from the Canadian Government, the Business Data Lab can help drive Canadian business success in a number of ways:

  • Canadian small businesses will be able to track market conditions in their respective regions in an improved way.
  • The quarterly business surveys will put forward in-depth insights, broken down by ownership characteristics, and provide an advanced view of the upcoming trends.
  • Businesses owned by diverse demographics will be benefiting from focused research on their particular needs and opportunities.

This Business Data Lab announcement is a part of the broader expansion and transformation of the Canadian Chamber of Commerce to meet the evolving needs of its members. Its revolution will push the organization beyond its traditional role as the mouthpiece of businesses in Canada, as a federal lobbying organization, as well as become the undisputed catalyst and champion for future business success, with new offerings and divisions for companies of all sectors and sizes in the Canadian Chamber Network, including:

  • Top-flight data and insights
  • Personalized solutions for small and mid-sized enterprises, involving consulting and training services
  • Enhanced membership benefits
  • Expanded B2B networking opportunities
  • International growth boosters
Everything One Needs to Know about Business Data Lab (BDL) Click To Tweet

A Brief about BDL’s Consultation and Stakeholder Engagement

The Business Data Lab will consult, convene, and engage inclusive interest groups and other traditionally underrepresented groups to inform its activities. They will establish a fresh Federal Government Advisory Council composed of stakeholders with one-of-a-kind perspectives on Canadian businesses, government programs, and business surveys.

The Business Data Lab (BDL) is likely to announce more details in the first quarter of 2022. One should stay tuned to know more about what’s up in their sleeves.

For more information regarding the Business Data Lab (BDL), one can simply scroll through their website and learn more.

Pin it
Related Posts