Open Data as a Driver for Business and Brands

Open Data is the driver for new business

It is a fact that the ever increasing competitive landscapes do indeed blur consumer demands, business needs to be capable to adapt rapidly and cost-efficient to that landscape, ever evolving environment and technologies and its target audiences. In order to do, manage this challenges in an effective way there is a need to measure the business, its audience, its engagement and quantify its data.

Data is increasingly the main driver for a powerful management. Any business needs indeed a powerful system to measure its data. And needs to have in place a strong set of analytics, brand alerts and all the relation with its data, from the CRM, to understanding its needs and quantify it from a quantitative and qualitative way. This is not an easy task in a world where data is mixed with social technologies ever evolving and continous development of different measurement criterium for business ROI and ROA

Open data is about making non-personal information availble and open

Open data is about making non-personal information held by social platforms, search engines, governments, business and organisations freely available. It is the process of using this data on an ethical and professional way to manage a given business strategy and strenghten the relation with its core audience. The adoption of many global metadata standards and the development of various open-source and social media analytic tools solutions promoting the use of statistical / analytics data has open new massive opportunities for business and organisations. Of course thes eoportunities come with challenges and risks that need to be measure correctly.

The focus on improving data and metadata accessibility and its overall quality is critical for a business strategy that works based in research, corporate and policy making. This use of open data, IE the data available in Search Engines, Social Media Platforms such as Facebook, Twitter, Linkedin and many other feeds demands a systemic transparency and an understanding of Corporate Social responsibilities.

The concept of Open data has been opening new fields in many industries and its power has open new paths towards the concepts of economics, finance, healthcare, education, labor, social science, technology, agriculture, development, and the environment. While Open data can be seen as a kind of information primarily statistical in nature, it is increasingly understood as a matrix from where any business or organsiation can understand its drivers for business and customer, product understanding.

Data is one powerful tool that comes from many sources

Data is now one powerful tool that comes from many sources. Its roots can be found in simple brand keyword appearance in Search Engines, social media communities mentions, something more complex as the administration of surveys and the monitoring of transactional flows and registers. Though ultimately the important about data and the fact that it has become open is the way a give company or organisation will use it.

In order to become useful for the end-user business and communities, data sources commonly go through various editing, aggregation and analytical stages. It can be measure by analytic tools such as Google Analytics, Adobe Omniture, CRM systems and other analytic platforms such as Radian6, Hootsuite, Tweetdeck and many other.

Looking at the flows of Open data While researchers and academics may find the micro-data useful, policy and decision makers, corporations and businesses and the and the general public are more commonly interested in the easier to manage high-level aggregated data and how to understand what is really critical. Despite the existence of various tools and the emergence of open metadata specifications, it is often not always possible to connect the multiple and different parts of  informations chains all together. Such connections, however, are critical in fully understanding the data for a given business or organisation.

6 Ways how to look and manage open data

Ideally, it should be possible for a business or organisation to easily manage its own data through tasks such as:

1. Understand the main sources of data from an audience, community, business;
2. Get the right access and process to the data for research and analysis;
3. Find detailed information describing the sources of data and its production and set processes;
4. Access data sources and collection tools from which the data is collected, compiled, and aggregated:
5. Communicate, involve with the shareholders involved in the production, storage, distribution of the data;
6. Share knowledge, insights with the organisation, business shareholders and set clear goals and policies.