Data Science and Untapped Possibilities, How Much Can You Predict?

In this Era, it is fair to say that data has a life of its own? The potential to refine data is unparalleled in terms of business. In our childhood days, we have all heard that story about “Chicken and the Golden egg”, Downfall of the protagonist in the story was that he was not able to think about the long-term rewards and make strategic decisions and investments about how to benefit himself with the golden eggs. But modern businessman is very clever and perceptive to understand the importance and value of data, and device systematic plans to use Third-party data to its maximum capability.

Third-party data mining

Thought it requires strict monitoring of privacy policies, it is worth going the extra mile of effort. It is understood that every piece of data will be important in its regard, for example, weather information is important for a news channel, customer buying behavior is important for the FMCG sector, historic, demographics, and satellite imagery are also important for its respective sectors.

Maximum Utilisation of Data Packets

Microeconomics, political and environmental factors are the pillars that hold every society. In the ecosystem of the modern era in the business channel, there are a lot of suppliers, regulators, sellers, and resellers in the mix. The third-party data collectors have various sources to gather data, from which they can help numerous companies to take that data into account and anticipate possible outcomes and plan accordingly to avoid risk. The Cisco annual internal report has stated that the size of a big data would accumulate by 1.3 trillion gigabytes globally by 2021.

How to Target returns from these heaps of Data.

Third-party external data silos will provide massive savings and provide better decision-making structure along with the importance of a target product, mitigate risk accordingly, and chart in advance, for delivery services this can have a massive increase as there is a direct impact in the revenue of a company. Customer demographics like age, income subgroup, locations, and social media posts can help the user to determine the trends of a certain group. Website postings and social media data are also extracted and studied because this is where maximum interaction between people occurs.

Best pathways to build a good data source for a business

The linking of the external ecosystem into internal data is very important as there are huge blocks of raw data that are being compiled daily. To make this processor simple there are Data Brokers who collect data from third-party sources and offer to various businesses for a small amount of payment. IoT sensors for data collection are very effective in these cases.

It is essential to understand the importance of data because if you are aiming to enter the business world this can have a lasting impact on the way you approach the situations as big data and Third-party data sources can enable in making your life a better.

(This article was originally published in Passionate in Analytics.)

Industry-Academia Connect Platform