QOTW: Data as a Service
This weeks Question of the Week comes at us from Brant Bukowsky.
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I read the article below and thought it would be appropriate for a QOTW.
What data could one compile that would have value?
Think of some companies you know….
Could any of those industries benefit from having access to better data, and data that is organized and search-able so value can be derived from it?
It may be likely that the data that is most difficult to obtain and thus least likely to be in an existing database is data not in digital format. What data could this include? Could you come up with a process that could be easily repeatable and allow you to streamline the data entry?
What industries value data the most (advertising, financial, etc)? What ways could you collect data that only you would have, meaning you would have a monopoly on it? A viral application (FB), toolbar, a format where they have incentive to provide you information (maybe a dating site where you get free access to if you fill out detailed information, what else?).
Image Source: Anne Helmond
Popularity: 5% [?]
How about a consumer product-specific purchase aggregation exchange? Think Mint.com, except instead of “Groceries $85.34 12/23/2009″ you would get “Brand X Cheese, 8 oz., $2.54 12/23/2009, Brand Y Milk, 1 gal, $3.45 12/23/2009, etc.” Participating retailers would provide purchase data, and have access to the globally-aggregated data for an annual subscription fee. Data could also be brokered to advertisers, manufacturers, etc. Retailer A would then be able to correlate that Product X and Product Y are often purchased together at a competitor’s store, whereas Retailer A now only stocks Product X and Product Z, which Retailer A thought would be correlated purchases, but in reality may not be, or at least may not be to the degree that X and Y are. Could tie this in to a logistics/delivery/stocking system.
by Slama
on 24. Dec, 2009