Some economists believe that data is becoming more valuable than some of our resources. Whether this is true or not, there is no doubting that data and AI (Artificial Intelligence) is certainly becoming very important for business sustainability and an organisation's growth, no matter the type of data required.
Leveraging data is an effective way of improving business growth and efficiency. It allows businesses to access multitudes of different types of information and analytics. For those that do not aggregate, collect and store any data, leveraging is a terrific option. Exposing your business to alternate “Data” sources is as simple as forming Vendor relationships with the right types of data suppliers, that will improve your service outcomes. Data leveraging can avail your business to new opportunities and revenue streams.
It is being used by so many companies around the world and it has allowed for cross border or worldwide expansion. Identity Verification companies are a prime example. No reason why you cannot do the same, especially when many are leveraging from a Cloud environment.
Keeping data current, organised, compliant and safe is critical. Employing the right tools with data leveraging can alleviate many issues. Vendor data suppliers are subjected to stringent and stern processes, that are sometimes audited by external regulators and also by clients that request it in their contracts as part of the data service. When leveraging data, the onus is on the Vendor supplier to demonstrate data quality and compliance.
That being said, if you plan to store any leveraged data, conversely, you will need to ensure that you have the required security protocols and processes in place to prevent any data leakages / breaches. Many data suppliers will mandate reviewing your systems, prior to allowing any data leveraging and with good reason. The protection of their asset is one major concern, but more importantly, it is to do with their “Privacy Compliance processes.” Talk to the Vendor and ask for assistance if needed as they often have some Cloud and SaaS solutions at hand that will help you and your business with data control.
Be warned though, many large data suppliers will sell you on their name and compliance badges only, but when it comes to data quality and accuracy, little is to be desired! You need both. Test, test and test their quality again and again before committing to any long-term contracts. When the right choice is made, the rewards can be significant.
The kind of data metrics your business needs and how you will use it, is primarily what you should know before leveraging (look for the data with the answers you need). In my experience, I see many businesses leverage from multiple data suppliers to get added comprehensive outcomes and results. In my opinion, I think this is a good practice as it not only allows for a business to get better results, but also protects them from business workflow slow-downs, should an individual data supplier need to be detached or their data quality spirals downhill. The combination of multiple data streams generally yields added and more fruitful results as no single data source “has it all.” Like fuel in a car, less is not more, the more fuel you have, the greater the distance you can travel. Data is the same to a degree, if leveraged correctly, as a single source not necessarily, but in combination can be very powerful.
Is also great for your existing, collected and stored data. Access to “alternative sources” can improve or enhance its accuracy and insights. Leveraging alternate streams will provide for data enrichment and business value almost immediately. Having access to new quality data streams will significantly boost your existing data stocks and value.
Put simply, if your data is lacking in certain areas, such as consumer insights or is out-dated, then leveraging alternate sources can fix those issues quite quickly and make your data more actionable. If a data supplier has done all of the hard work in aggregating the desired information, it may be more convenient and cost effective to simply leverage it, rather than trying to yield and collect it yourself.
Speaking for our company Global Data, we saw a 60% increase in 2019, for data leveraging requests, from International companies that wanted to enter the Australian market. Don’t be afraid to leverage data, so many of our clients have grown significantly because of it and have designed new products to add to their business value...... Try before you buy!