Our real-time economy is built on real-time data; In the last couple of years, this has become a well-known fact. Without data, things would be very, very different. That is why companies today no longer overwhelmingly prioritize the digital transformation of their operations and processes. Instead, they use data to create more engaging experiences for service customers, build on real market demand, advance their operational processes, inform future business models, and make critical business decisions. Data, and more particularly real-time data, is at the heart of the most critical business movements. The more reliable real-time data you have, the better resolutions you will make.
For this reason, many companies in different industries, from hedge funds to cosmetic product brands, are incorporating public web data collection at scale to make more strategic decisions. In this context, the information advantage is about exploring smart data technologies and innovative ways of retrieving web data to transform vast amounts of unstructured data into valuable insights and trends. This will provide the basis for present and future business resolutions. As a result, data becomes the engine of everything a company does and where it goes.
Let's examine how web data collection strategies can influence competitive advantage and examine how companies use web data collection to their advantage.
Keep your eyes on the prize
There are many reasons why companies publish free data that examines the landscape of their market and industry. However, the primary reason is to gain an informational advantage to ensure that they make accurate business decisions. However, accessing this public data is more complex than one might think.
Public sites are often blocked for competitive reasons, even if the information is open to the public and easily accessible to regular users. This is where data collection solutions play an essential role, providing access to thousands of access points to public web data that would otherwise continue deep into the Internet. These solutions are designed to be easily integrated into everyday business operations.
Real-time, large-scale web data collection has already established itself as a useful tool in many fields, such as e-commerce, travel, cybersecurity, promotional technology, and fintech. We can expect it to be widely used in a broader range of industries in the future, including traditional financial services organizations, health care and wellness, and considerably more.
ESG data is not a niche
The term “ESG” is thrown around a lot today. But what does that mean?
The acronym covers all public information related to environmental, social and governance factors that could affect an organization.
It is particularly useful for participants in the financial field when assessing the short- and long-term dangers and returns of a potential investment business. However, ESG should no longer be seen as a "niche". According to AIMA and other sources, by XNUMX, more than XNUMX independent ESG alternative data sets will be available.
Furthermore, a recent survey conducted in cooperation with Vanson Bourne highlighted that achieving the Sustainable Development Goals is a top priority for companies, regardless of field. In fact, almost two-thirds (sixty%) of the companies stated that environmental considerations are fundamental to the operation of their business. The survey also found that eight in ten companies currently work with public or private partners to use data to help solve climate change issues, with more than a third (thirty-six%) working with local public authorities.
Data collection strategies on the public web already include ESG factors as a way to gain an advantage over contenders. In the future, we hope that this development will continue to flourish.
Social sentiment data can chat, but can it keep up? - Here is an example
Now that we have established what web data collection is and its benefits, it is essential to prove how vital it is to today's companies with a real planet use case.
Melvin Capital Management (MCM), an investment management firm, had never used free social sentiment data in public, leading to huge losses in the stock of the old GameStop (NYSE:GME). MCM took essential "shorts" based on "traditional corporate financial data sets" (eg, debt-to-earnings ratio and projected annual sales).
What he failed to realize, however, was the impact of social sentiment on the stock market. As MCM focused on hedging against GME, WSB investors clearly discussed their positive outlook on this situation. They were able to rise for a moment practically two hundred times above the historical average stock valuation. It would have been nice if it weren't for the fact that MCM's portfolio managers were so confident in their resolutions that they hedged over forty percent of existing stock volume. As a result, they were forced to sell at certain price levels; Otherwise, their fund would not physically have enough cash to cover their losses and they would have had to declare bankruptcy.
The overarching takeaway here is that companies accessing public social media data were able to track positive sentiment toward GME, allowing them to take precautionary (ie, sell their shorts) and proactive (ie, "buy on long").
don't stay behind
In an industry where twenty-four hours can make or break a strategic move, access to real-time resources can mean the difference between a hugely successful move and one that isn't. Some businesses have yet to realize the true power of public web data and how easily it can be integrated once they join the right web data collection platform. Now is the time to test and make sure you're accessing a trusted source of information that will give you an accelerated advantage, a step that is considerably simpler to incorporate and integrate today.
To be successful, you need to make the right decision at the right time, and with web data on your side, the force is probably always with you.