In today’s business world, it is more important than ever to have a robust external data platform. According to a report by MicroStrategy, 94% of enterprises believe data is critical to business growth.
But what does this mean for your business? And more importantly, what are the benefits of having a strong external data platform? In this article, we will explore external data and the business value of having a powerful platform for it.
What is external data?
External data is data that’s been collected, processed and provided from outside of your company’s internal systems. In other words, these are data that your organization does not own. Examples include data from social media, public records and other external sources.
What is an external data platform?
An external data platform is a system that helps organizations to collect, process and store external data. It can be used for a variety of purposes, including data analysis, marketing and customer insights. Think of it as a centralized repository of external data signals.
Benefits of having a robust external data platform
There are many benefits of having a robust external data platform. Some of the key benefits include:
- Increased insights and business intelligence – With access to a wide variety of data sources, your organization can gain a deeper understanding of customers, markets and trends. This can help you make better decisions about products, services and strategies.
- Improved customer experiences – By harnessing the power of big data, you can create more personalized customer experiences that are relevant and engaging. This can help you to stand out from the competition and boost loyalty and advocacy.
- Greater operational efficiencies – A strong external data platform can help you to streamline operations by automating tasks, such as data entry, analysis and reporting. This can save you time and money and improve your overall efficiency.
- Enhanced risk management – By monitoring and analyzing external data, you can identify potential risks and threats to your business. This can help you to protect your company against fraud, cybercrime and other security threats.
What should you look for in an external data platform?
When selecting an external data platform, it’s important to consider the needs of your business. Here are some key factors to keep in mind:
- The types of data you want to collect – The platform should be able to collect data from a variety of sources, including social media, public records and the internet.
- The ability to process and analyze data – The platform should be able to easily process and analyze large amounts of data. It should also have tools for visualizing data, so you can gain insights quickly and easily.
- The ability to store data – The platform should have a secure, reliable storage system, so you can keep your data safe and accessible.
- The ability to integrate with your internal systems – The platform should be able to easily integrate with your existing systems, so you can transfer data seamlessly.
These days especially, the importance of external data can’t be overstated. So if you’re looking for a way to improve your business intelligence and efficiency, consider investing in a strong external data platform.