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Data platform enables the UK statistics agency to perform better analysis on GDP estimates

Data platform enables the UK statistics agency to perform better analysis on GDP estimates

In the UK, the Office for National
Statistics
(ONS) is the largest independent producer of official statistics
and its recognised national statistical institute. Its main responsibilities
are collecting, analysing, and disseminating statistics about the UK’s economy,
society, and population at national, regional and local levels. It also
conducts the census in England and Wales every 10 years.

For many years, ONS economic releases have relied on monthly survey
returns from businesses to calculate how much the economy has grown. Monthly
Business Survey (MBS) were sent to 45,000 companies to collect information
about the companies’ turnover i.e. the amount of money coming in and out of
their bank account. The information was then used by the ONS to estimate the
performance of the UK economy.

Incorporating
new data source to improve GDP estimates

To improve the detail and timeliness of its Gross Domestic Product
(GDP) estimates, ONS adopted a platform solution by Cloudera Inc. to
incorporate a new data source from 600,000 of the 1.8 million total Value Added
Tax (VAT) returns to complement the 45,000 survey responses. At the initial
stage, ONS used VAT returns for small and medium sized enterprises (SMEs), those
employing up to 100 people, as these firms represent around 98% of all UK
businesses.

According to the Chief Economist of ONS Mr Nick Vaughan, the new VAT data source gives ONS a
more detailed picture of how the UK economy is performing. He explained how the
improved approach helped to better gauge the performance of food and beverage
service activities in the UK.

“For example, we currently send 172 forms a month to small
restaurants and takeaways while we can now access nearly 28,000 VAT returns.
Similarly, we send 108 forms a month to pubs and clubs when we will use 18,000
VAT returns to improve the quality of our estimates. The scaling up in
available data means we can now measure detailed geographies and industries
much more quickly than we have ever achieved before,” Mr Vaughan wrote.

The role of data platform
in enabling better data processing

This unprecedented use of VAT returns data in GDP measurements represents
a significant advance in the transformation of UK National Accounts and short-term
economic indicators. The initiative was facilitated by ONS’ adoption of Cloudera
Enterprise
data platform.

Using Cloudera Enterprise not only benefits ONS’ use of newly available
data sources on its Data Access Platform, it also facilitates ONS analysis,
production and publication of more detailed and relevant statistics, including
timely information on local economies. The Cloudera platform also includes high
levels of security to protect this important data.

In addition, ONS data scientists are using Cloudera
Data Science Workbench
 to transform historical analytical products
into new ones using R, Python, and Scala.

The expansion of available data, together with Cloudera tools, means
that ONS’ analysts, statisticians, economists and data scientists can now
perform increasingly fine-grained analysis much more quickly than ever before.

“Adding VAT information to ONS’ data pool is an important move in
providing richer analysis of the performance of the UK’s economy. This is an
excellent example of how modernising IT systems can empower businesses to
deliver phenomenal results and seize control of their data while enjoying cost
and time savings,” said Mr David Pieterse, Vice President EMEA at Cloudera said.

All information from customer
success story
 at www.cloudera.com.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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