California startup refined technologies for collecting and processing macroeconomic data based on crowdsourcing .
The economic research institutes have been using the same methods of statistical collection for over fifty years , facing the outburst of collecting technologies and Big Data processing some startups try to optimize this ongoing work in order to better advise governments , multinational and investment funds . The San Francisco -based startup , Premise Data Corp. supported by several prestigious investors including Google, wants to bring a new approach to this evolving sector . Its three indicators covering various macroeconomic fields , Global Inflation Monitor, Industry Price and Food Security Intelligence Monitor benefit of this technology without friction. With this crowdsourcing approach Premise adapts traditional indicators to a globalized and ultra-responsive economic environment.
A real-time data collection
Officially launched in October after a two year development period, the startup relies on crowdsourced knowledge shared by individual users who screen supermarkets product tags and other various displays for real-time estimation of inflation . Premise has deployed more than 700 smartphones partners across more than 25 cities in the world to estimate the change in average prices . Afifiliated users simply take a picture with their phone and the internal software automatically detects information on prices and the exact geographical location of the specific store. In addition to these in store data, Premise automatically analyzes the evolution of prices online, such information representing nearly 80 % of finalized reports.