New analytics tool gives downtown Elgin small businesses access to big data

The Downtown Neighborhood Association in Elgin is offering small businesses a new, free way to access big data.

SizeUpElgin is an analytics website providing hyperlocal market research and analysis to help small business owners.

"This is the kind of business analytic that big companies typically pay firms for when they are interested in locating in a particular area or to optimize the function of their existing business units within different areas," Jennifer Fukala, executive director of the association, said during a downtown stakeholders meeting, where she unveiled the new service.

The Downtown Neighborhood Association is a nonprofit organization working in partnership with the city and community leaders on behalf of downtown Elgin businesses, property owners and residents.

Fukala said the SizeUpElgin tool is designed for Elgin and uses the city's demographic information and heat maps of the neighborhoods. She said it will help level the playing field for small businesses that may not otherwise afford such research.

"This portal is something that you can use by putting your specific information in, and it will show you how your business information relates to the community," Fukala said. "In today's information economy, if you don't have access to information, your business is at a significant disadvantage."

SizeUpElgin uses big data, cloud computing, and computer algorithms to deliver custom analyses for local businesses. The data comes from hundreds of public and proprietary data sources covering firmographic, demographic, geographic, labor, wage, cost, consumer spending, transportation, and more.

The information will help local businesses determine the location of potential customers, suppliers and competitors. It also will help them decide how to use their advertising dollars.

Information that businesses enter into the portal is anonymous. The Downtown Neighborhood Association will not have access to the data but will know how many and what kind of businesses use it.

The portal can be found at DowntownElgin.com/SizeUp.

"We are one of a few entities in the state of Illinois to offer SizeUp," Fukala said. "And we are proud to be making this investment in our local business community."