Description: 'Economic events monitoring' as a digital business capability refers to the ability of a business to use digital tools and technologies to track, analyze, and respond to economic events and trends. This includes monitoring changes in economic indicators, market trends, financial news, policy changes, and other relevant economic events. The capability enables businesses to make informed decisions, predict market movements, identify opportunities and risks, and adapt their strategies accordingly. It involves the use of digital technologies such as big data analytics, artificial intelligence, machine learning, and cloud computing. Additional information: 'Economic events monitoring' is a digital business capability that involves the use of advanced digital tools, technologies, and systems to track, analyze, and interpret economic events, trends, and indicators on a real-time basis. This capability is crucial for businesses to understand the economic environment in which they operate, make informed decisions, and plan their strategies effectively. This capability encompasses several key activities. Firstly, it involves the collection of data from various reliable sources about different economic events such as changes in interest rates, inflation rates, GDP growth rates, unemployment rates, stock market performance, and other macroeconomic and microeconomic indicators. This data can be collected from various sources such as government reports, financial news, market research, and economic databases. Secondly, this capability involves the use of advanced analytics tools and techniques to analyze and interpret this data. This includes statistical analysis, trend analysis, predictive modeling, and other forms of data analysis. The aim is to identify patterns, trends, and correlations in the data that can provide insights into the current state of the economy and potential future developments. Thirdly, this capability involves the presentation of these insights in a clear and understandable manner to decision-makers within the business. This can be done through dashboards, reports, charts, graphs, and other visualizations. The insights provided can help decision-makers to understand the potential impact of economic events on their business, identify opportunities and risks, and make informed decisions. Furthermore, this capability also involves the use of automation and artificial intelligence technologies to automate the monitoring and analysis process, and to provide real-time updates and alerts about significant economic events. This can help businesses to respond quickly and effectively to changes in the economic environment. In summary, 'Economic events monitoring' is a digital business capability that enables businesses to monitor, analyze, and interpret economic events and trends, and use these insights to make informed business decisions. Example: 1. Central Banks Monitoring: Central banks like the Federal Reserve in the US or the European Central Bank in the EU use digital capabilities to monitor economic events. They use advanced data analytics tools to track economic indicators like inflation, unemployment rates, GDP growth, etc. This data is used to make decisions about monetary policy. 2. Tax Revenue Forecasting: Government departments like the Internal Revenue Service (IRS) in the US or Her Majesty's Revenue and Customs (HMRC) in the UK use digital capabilities to monitor economic events that impact tax revenues. They use predictive analytics to forecast tax revenues based on economic trends and to identify potential tax evasion. 3. Social Security Administration: Agencies like the Social Security Administration in the US use digital capabilities to monitor economic events that impact social security benefits. They use data analytics to track economic indicators like inflation and wage growth to adjust social security benefits. 4. Department of Labor: Departments of Labor in various countries use digital capabilities to monitor economic events related to the labor market. They use data analytics to track job growth, unemployment rates, wage growth, etc. This data is used to make decisions about labor policies and programs. 5. Department of Commerce: Departments of Commerce use digital capabilities to monitor economic events related to trade and commerce. They use data analytics to track trade balances, export and import data, etc. This data is used to make decisions about trade policies and agreements. 6. Public Health Monitoring: Public health departments use digital capabilities to monitor economic events that impact public health. For example, during the COVID-19 pandemic, they used data analytics to track the economic impact of the pandemic on public health services and to allocate resources accordingly. 7. Disaster Management Agencies: Disaster management agencies use digital capabilities to monitor economic events related to natural disasters. They use data analytics to track the economic impact of disasters and to allocate resources for disaster response and recovery. Publisher: EIRA Team LOST view: OV-Digital Business Capabilities Catalogue Identifier: http://data.europa.eu/dr8/egovera/EconomicEventsMonitoringCapability EIRA traceability: eira:DigitalBusinessCapability EIRA concept: eira:SolutionBuildingBlock Last modification: 2023-07-27 dct:identifier: http://data.europa.eu/dr8/egovera/EconomicEventsMonitoringCapability dct:title: Economic events monitoring (DBC)