Data may be the most valuable asset in your organization. Answers to almost all business challenges can be found directly in your data or by comparison to common standard benchmarks. By working with companies, manufacturers and trade associations we turn raw market facts into powerful, actionable business information.
Data exchanges are regulated programs created by business associations that are used to measure or index the activity of an industry or sector. The Association of Equipment Manufacturers (AEM) is a large industry association representing companies that build farm, mining and construction equipment.
They turned to Hargrove and Associates over 30 years ago to design and manage a customized data exchange to track the sales and shipments of hundreds of products across North America and beyond, representing an accurate snapshot of their industry.
This data is valuable for many reasons. Unlike other common public information sources, it comes directly from the association’s largest and most important members.
It is compiled and anonymized in compliance with federal antitrust regulations and shared with a tightly controlled audience using the latest security protocols. Members use this data to negotiate agreements with dealers and suppliers, structure incentive programs, and forecast production. Large businesses need to know where they are relative to their industry.
“It is critical to making quality business decisions. You know what you are doing, but don’t know what you are doing relative to others in your industry. You need a benchmark.” -Brian Seebacher, CTO, Hargrove and Associates.
Over the past 30 years, providing a robust data exchange has helped AEM grow from 15 to over 100 employees, and over 1000 members.
Derivatives of this data are used to shape and drive policy so equipment manufacturers can be successful in the global marketplace. Recent surveys have ranked the data exchange as one of the most valuable benefits of membership to the Association, and it has helped solidify the relationships to many of the largest companies in the industry.
Hargrove and Associates provides much more than data management: they are a trusted third party who applies the complex governance and policy rules established by the association to safeguard access to the data.
Associations are built on trust and need the accountability of a knowledgeable third party who can manage the privacy of sensitive information that can affect a wide range of external factors from international negotiations to stock prices for their members.
Hargrove’s ability to bring industry-leading technical solutions to bear in solving this unique business problem has set it apart from other tech consultants.
Thirty years of experience has also helped it provide valuable consultative advice to newer, younger associations in fast-growth industries who are considering the value of establishing new data exchanges for their members.
Innovations such as the establishment of best practices for governance, architecture, and security are helping these newer associations create value for their members with compliance approved processes and technology that dramatically shorten the learning curve and provide a path to greater relevance in their industries.
