To stay on top of the competition, business executives should be able to make more strategic and data-driven decisions. Insights from various reports using data analytics are extremely valuable, as they allow us to see current trends and patterns and act upon any changes in the market.
Buying public data may be the best solution for those companies that don’t have the needed capacities and capabilities to collect, sort, and structure big amounts of public data themselves due to a lack of workforce or resources.
The Importance of Public Data for Business
According to McKinsey, public data can help produce around $3 trillion a year of value in seven major areas of the global economy. Public data is already helping to push hundreds of new entrepreneurial ventures forward and assisting well-established enterprises in market segmentation, innovation, production of new goods and services, and enhanced operational effectiveness.
Why Do You Need to Buy Public Data in the First Place?
The main issues businesses encounter with public data are its abundance of it and time sensibility. According to Statista, by 2025, there will be more than 180 zettabytes of data, which means that every day more and more data is being created.
Public data gets irrelevant very quickly, so businesses need to make sure their datasets are constantly getting updated so the insights from this data are as relevant as possible. This data management is quite expensive and time-consuming, that’s why you may want to choose the services of a data marketplace or data provider that keeps their datasets up-to-date.
Public datasets can occasionally have quality difficulties since the data is created by the general population and does not go through rigorous quality checks. These datasets are beneficial for time- and money-constrained projects or initiatives that don’t need a high level of quality and customization.
This will not only allow you to save resources on data collection, sorting, filtering, and updating, but also you will have the most relevant data collected by an experienced team of professionals.
Main Tips to Help You Find the Right Public Data Provider
Prepackaged datasets that are produced by third parties are offered and can be accessed for free as well as bought from providers. Such datasets are produced, sold, and updated frequently by third parties to be used for various purposes. Here are some of the key tips you can use to make sure you choose the right data provider for your next public data purchase.
- Identify business objectives. Explain how the data would assist you in reaching your objective goals, put a data plan in place, and identify high-impact areas that require data.
- Review the opposition. Investigate the equipment and services that your rivals employ. It might enable you to forge new paths and more effectively negotiate the figurative data waters.
- Decide who the end user is. Ensure sure the information is pertinent to the business users who will ultimately analyze it.
- Evaluate the costs. Data solutions differ widely in price, quality, deliverability, and other features. Be sure that the data you acquire is the data you need. If you only need company data, then you shouldn’t go for a massive dataset that consists of companies, employees, and jobs.
You should take your business’s data solution selection seriously because there are many scam providers that offer irrelevant data or something that you don’t want. Not only is it going to cost you some money, but it will also affect your future business decisions. Also, some companies don’t follow data collection ethics, gather contact data, etc.
Instead, try to find those who collect only publicly available data and only personal data that is related to businesses. That’s why it’s important to take your time and carefully consider all of your requirements regarding the data you need and the associated business objectives.
Conclusion
Unfortunately, statistics show that only 24% of businesses have actually succeeded in becoming data-driven. By buying the right datasets, more businesses can get closer to being data-driven. Businesses should consider buying public data to get a better overview of the current market they’re operating in. This not only opens up many opportunities but also creates a background for better data-driven decision-making.
