Where to get data to use in your business?
Updated: Mar 3
The amount of data our world generates is growing at a very rapid rate. 4.57 Billion users (59%) of the world’s population are connected to the internet (World Economic Forum) By 2023, almost 30 billion devices will be connected to the internet, and as of 2020, All of these new connections are constantly generating data on users and the surrounding world.
Implementing data analytics in your business will help you to gain insights based on historical patterns, understand your customers, analyze KPI performance and personalize your business offering.
So how can you gain access to this data in order to receive these gains? Below we have listed some of the available options.
If you do not have the capacity to collect data yourself, or would like to collect a pre-prepared dataset that you know is accurate, you can purchase data from a data brokerage. Data brokerages specialize in curating datasets that pertain to specific industries or business problems. Major players include Oracle, Epsilon, Experian and Equifax.
Collect/Generate your own data
If you have infrastructure in your business that allows you to generate or collect data, it can be very useful. Below are some examples of methodology used.
Sensors can be used to automatically collect data from the surrounding environment. Examples include thermometers, pressure sensors, air quality sensors and motion detection sensors.
Learning more about your customers is vital for creating marketing campaigns, branding and more. Customer data can be collected through many methods, including: surveys, social media, transaction history, and checkout forms.
If you would like to gain insights from an extremely large, diverse data set, web scraping is the ideal solution. Web scraping means using an algorithm to collect and format large amounts of data from public websites. For example, you could train an algorithm to collect every tweet about your company, which you can then use in sentiment analysis.
These are just some of the many ways that you can obtain data in order to enter the data economy.