NFPA’s Stats Toolkit: Analyze and Compare Data Series with the Market Trends Report

Stats Fact of the Week

Stats Fact of the Week: Week of December 24, 2018

NFPA’s Stats Toolkit is a cloud-based statistical tool that expands our members’ economic view of their companies and our industry by combining NFPA data sources with popular analytical tools.  Its intuitive interface and easy setup process allows users to benchmark company performance, automate time-consuming calculations, conduct industry analysis, identify leading indicators, and create custom forecasts with simple point-and-click menu options that generate graphs and hard data that can be easily transferred to other reports, presentations, and files.

Toolkit applications include:

  • Market Trends Report
  • Market Share Report
  • Correlation Analysis
  • Custom US Forecasting
  • Custom Global Forecasting

This week’s featured application, the Market Trends Report, analyzes and compares an unlimited number of data series to identify trends and benchmark performance. The tool of choice for the majority of users, this report allows you to construct a single-series and duel-series trend graphs. Selecting a single-series to plot is ideal for analyzing a data series for certain patterns, anomalies, and outliers. Selecting particular calculations to apply to your data series can help you track changes in market size, growth rates, and year-to-year or month-to-month percentages.

Market Trends 1

Adding a second series to the plot allows users to conduct comparative analysis between two data series, which is ideal for comparing your company’s data to the rest of the industry for benchmarking company performance. The results from comparing two data series also includes a correlation analysis field that identifies just how often the two data series move in conjunction with one another.

Market Trends 2

Market Trends 3

The Stats Toolkit contains data for many market and product segments of the fluid power industry, but it also includes data for popular customer markets and allows users to upload any outside data source for analysis, including your company data and popular economic indicators.

Important Reminder: Participation in NFPA’s Confidential Shipment Statistics (CSS) program for manufacturer and product supplier members is required to access the Stats Toolkit. For more information about the CSS program and to enroll, please CLICK HERE.

Distributor and service supplier members receive limited access and are not required to participate in CSS.

To register for a Stats Toolkit Login, please CLICK HERE.

Questions? Contact Eric Armstrong at earmstrong@nfpa.com or (414) 778-3372. Eric Armstrong also offers a free Stats Toolkit Walk-Through Webinar for those individuals who would like a detailed walk-through of this valuable tool.