An online tool which helps identify businesses and sectors with growth potential has been launched this week.
Growth Flag has been designed with policy makers, commissioners, business decision-makers and analysts in mind. It pulls live data from a comprehensive dataset which can then be easily analysed by the user, to instantly understand where growth potential exists in individual businesses across the UK.
The tool can also be used by client-facing teams such as B2B sales and marketing teams. Developed through a partnership with social enterprise Growth Company and data intelligence platform Red Flag Alert, the resulting product brings together Red Flag Alert鈥檚 background in data insights, with the Growth Company鈥檚 expertise in delivering inclusive and environmentally sustainable growth.
鈥淲e鈥檝e established an incredibly important partnership to create Growth Flag,鈥� said Richard Jeffery, national director of GC 老九品茶 at The Growth Company. 鈥淲e鈥檝e brought together Red Flag Alert鈥檚 tech-data capabilities with The Growth Company鈥檚 deep knowledge and understanding of what the economic community, and local and combined authorities need. We鈥檝e created something really unique.聽
鈥淚t will help you unlock huge opportunities in your local area 鈥� to find those companies that have got growth potential and be future stars. But it鈥檚 not just at the company level that鈥檚 going to be interesting. When you start to look at groups of businesses, you start to understand the dynamics of a place and perhaps find growth where you鈥檝e not found or looked for it before.聽
鈥淚t鈥檚 a game-changer and something that will absolutely drive change in economic development.鈥澛�
Decision support tool Growth Flag helps to facilitate strategy development and resource allocation. Organisations using the tool will be able to plan, target and analyse growth within their markets or to better understand local economies, and develop knowledge about future growth potential.
Public sector organisations such as Local and Combined Authorities, Local Enterprise Partnerships (LEPs), as well as colleges and universities can use the platform to understand their local economy and support sectors that have the highest growth potential.
They can use the online tool to inform policy making, investment strategies and bids – and in the case of educational establishments – curriculum development and academic research.聽
Private sector businesses can use Growth Flag to understand emerging markets and target relevant sales and marketing activity, and to offer tailored solutions based on where clusters of businesses are on their growth journey.聽聽
Data derived from a Growth Flag search is objective and evidence-based, not driven by pre-disposed assumptions. The results demonstrate to users where growth is in any chosen postcode area, town, local or combined authority, sector or type of business. It can help identify where growth is taking place that might not be expected.聽
Richard West, MD of Red Flag Alert, says: 鈥淚鈥檓 driven by a passion for data that makes a difference, and I鈥檝e grown Red Flag Alert from a team of three to a multi-million-pound organisation powered by a hand-picked team of data bosses.聽
鈥淚 know from experience that the right analytics and insights can create – and change – conversations, while helping to solve some of the key challenges that businesses face day in, day out.聽聽
鈥淭ogether with The Growth Company, I鈥檓 proud to have created a platform that鈥檚 different to other growth analysis tools on the market. Growth Flag isn鈥檛 like other business intelligence platforms – it treats data as a treasure which deserves better than being labelled as a boring business need.聽
鈥淢any other systems claim to provide real-time data on growth potential, but Growth Flag does so much more than just churn out numbers.
鈥淚鈥檓 confident that Growth Flag will be invaluable in helping to make decisions based on rich data and understanding of real economic drivers 鈥� effectively helping to target resources and allocate funding in the best possible way using trusted data.鈥�