Transforming Insights: How External Data Complements Internal Intelligence
Discovering the benefits of external data
In an era where data is dubbed the new oil, how well does your business drill into this invaluable resource?
The landscape of the tech industry is evolving rapidly, with data at the heart of this transformation. Now more than ever, the integration of external data sources with internal intelligence systems is proving to be a game-changer for businesses striving for a competitive edge.
This blog post delves into the significance of enriching internal data with trusted external datasets, exploring its potential to unveil insights previously hidden from view. Readers can expect a comprehensive guide on leveraging external data for enhanced business intelligence, covering common use cases, new business questions, sources of external data, and unique selling points.
Why External Data Matters: Common Use Cases
Enriching Internal Data
Integrating external data with internal datasets (including any old, historical data a company may have retained or data which has been gathered from modern sources such as social media platforms) can significantly enhance the value of a business's insights. This approach allows for comprehensive analysis and strategic planning by identifying trends and opportunities that internal data alone could not reveal.
Benchmarking Against Peers
Benchmarking is a critical strategy for any business aiming to maintain a competitive edge. By comparing internal metrics against those from external sources to benchmark specific aspects of a business's operations, companies can identify areas of improvement and strive for excellence.
Improving Market Understanding with Census Data
Utilising census data can offer deep insights into market trends, demographic shifts, and consumer behaviour, enabling businesses to tailor their strategies to meet market demands more effectively.
Creative Use Cases
The applications of external data are as varied as the businesses that use them. From enhancing customer profiles to optimising supply chains, the possibilities are boundless. Encouraging creativity in data use can unveil unique insights tailored to a business's specific needs.
Answering New Business Questions
By mixing sales data with external demographic information, businesses can pinpoint high-potential markets and customer profiles with greater accuracy. Benchmarking against industry peers, local government areas, or public statistics using metrics like profit margins, efficiency ratios, social media data, online search queries, or cost structures can offer invaluable insights into competitive positioning and operational efficiency. This creative fusion of data sources enables businesses to craft bespoke strategies with a deep understanding of their unique context.
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Common External Data Sources
- Snowflake Data Marketplace and AWS DataMart stand out as premier platforms for accessing a wide array of external datasets. These sources offer businesses the datasets, access mechanisms, and tools needed to seamlessly integrate these resources with their internal data.
- Datarade.ai and QandL provide specialised services, aggregating data from numerous sources to furnish businesses with the broadest spectrum of insights.
- Industry-specific aggregators offer tailored datasets that can significantly enhance sector-specific intelligence.
Public Examples
- The LGAQ Sherlock Project exemplifies the power of benchmarking, leveraging power consumption data to drive efficiencies across Queensland councils.
- Companies like Canstar and, one of Australia’s largest logistics infrastructure operators, demonstrate how external data can be pivotal in optimising operational strategies and enhancing customer service.
Discover the benefits of using external data effectively.
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We rarely find the amount of data our customers have to be a problem. The opportunity lies more in how they can visualise that data in the context of their customer needs and daily operational tasks.
Transform your business processes. Book your consultation with us today to discover how you can convert your internal and external data into a visual asset.
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