Much has been debated about how to collect, store and analyse the data that businesses receive, whether it’s from customers, suppliers or rivals.
Much has been debated about how to collect, store and analyse the data that businesses receive. Whether it’s from customers, suppliers or rivals, data from these groups is valuable and can provide real insights into where your business is heading.
The problem is becoming even more acute as businesses start to fight over who controls this information and, therefore, who can make money from it.
Social network giant Facebook has attracted headlines for this issue. Meanwhile, Channel 4 chief executive David Abraham was quoted recently in the London Evening Standard saying that more must be done by his organisation to ensure that the data surrounding the content his company produced was not lost to others.
He says, ‘It is essential … that we ensure that the data that exists around content we generate with our creative partners is not simply controlled and commercially exploited by other platforms – whoever they are.’
This is a valuable insight for business leaders of all sectors, not just those in the media. While most businesses haven’t the faintest idea yet what to do with all the information they can compile – from names and order histories, to Facebook likes and Twitter updates – an answer is certainly on the horizon.
In November last year, during a roundtable discussion about the future of digital companies held by NESTA, most participants brought up the subject of data. The leaders, including Google’s vice president of new business development Megan Smith, raised the point that data is the future of the internet and finding a better way to collect and analyse it was a priority.
Despite most growing businesses committing a great deal of resources to protecting everyday and operational data, few find the time to develop clear strategies and systems on how to deal with the ‘data of the future’ – their data on clients and customers.
There is no better time than now to ensure you don’t become a future data loser.