Accessing meaningful and timely data
THE EFFORTS by Jamaica Customs in driving the implementation of mechanisms that will enable real-time import and export data are to be applauded. While it is admittedly too early to say that these mechanisms are working optimally, the unquestioned fact is that after years of stops and starts, we are today nearer to that goal than we have ever been. The fact, too, is that success is a moving target: there will always be room for improvement.
The importance to business planning of data at as close to real-time as possible cannot be overstated. Businesses need information so that they may determine where their resources should be most effectively deployed. If the data is incomplete, then the analysis utilising that data will similarly be incomplete.
DATA RELEASE
Over the years, we have become used to making do with ‘interim’ or ‘preliminary’ data released by the entities responsible for the provision of statistical information of particular interest to the business community (as in the case of trade data). To the extent that the Jamaica Customs Agency and such other partners as the Statistical Institute of Jamaica, the Bank of Jamaica and, of course, the Ministry of Finance and Planning itself can utilise such mechanisms as ASYCUDA to bring greater accuracy to their processes, the nation at large stands to benefit. As far as the private sector is concerned, our ability to access meaningful and timely data from these sources will definitely contribute to improving our bottom line. LARRY WATSON President JCC