It goes without saying that everyone here in the library is an information junkie. But we all have our personal favorites. For me, it's business information and, by extension, business information databases. Each piece of data (ratios, annual reports, demographics, industry trends, I could go on, but you get the picture) fits together like a puzzle to reveal the catalysts of company strategy, the confluence of market drivers, and the machinations of industry. I know it's a ridiculous amount of effusiveness for anything that includes financial reports, but it does make me the perfect person to announce the addition of a new database.
IBISWorld is a treasure trove of industry information. It's filled with more than 1,600 industry reports containing trends, statistics, and analysis on market size, market share of competitors, and industry growth rates. Major market segments and forces affecting demand and supply within the industry are identified. Even better, almost half of these reports start at the NAICS 5-digit code (a 2-6 digit industry code that becomes more specific the more digits you have), and more than half are specialized reports. More than 800 specialized reports cover niche markets like online flower shops, social network game development, and personal trainers.
The business information geek in me is swooning!
But wait - there's more. IBISWorld offers a few products that consolidate information that impacts industry performance into select reports. Check out three great IBISWorld products (woven into the database) that will streamline your industry research.
1. State Reports
The state industry reports provide state and county-level industry data and forecasts across more than 500 industries. Need information about camera stores in Alaska? It's there. The state economic profiles detail country and economic data, operating environment analysis, and industry statistics. Looking to expand a business into New Mexico? You will probably be interested in a breakdown of factors impacting its economy, like its fiscal stability (negative), new job growth (positive), and housing affordability (negative).
2. Business Environment Profiles
IBISWorld business environment profiles analyze key drivers that impact industry performance, including consumer attitudes, financial markets, demographics, and government regulations. For example, the report on average annual precipitation obviously notes that precipitation will impact agriculture. But did the impact on industries like snowplow and sunscreen manufacturing immediately come to mind?
3. Risk Ratings
Industry risk ratings analyses determine how much risk an industry will face over the next 18 months by assessing the operating conditions, industry structure, revenue outlook, and other key drivers. For example, the overall risk score for bookstores is high due to high competition, online sales, and consumer spending.
I know my excitement over adding IBISWorld to our database collection may seem a touch over the top, but given the right context (the need for company and industry information), this resource will add ease and depth to your research. And if you don't do business research? Well, I truly feel badly for you.
Nicole Tassinari is an associate university librarian and oversees content development. She's the proud mom of three almost-grown children who love to tell her to "just Google it!"