January 2022
Beginner to intermediate
38 pages
51m
English
Content preview from Why External Data Needs to Be Part of Your Data and Analytics Strategy
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Chapter 1. Why Use External Data in Your Analytics?
According to Analytics Steps, most companies nowadays are taking advantage of data to improve their competitive position and market response rate. Newsfeeds are awash with stories detailing how retailers, banks, and social media platforms are leveraging data. You can’t seem to buy a coffee, post on social media, or listen to your favorite song without a company asking for your personal details. Global giant Spotify, for instance, delivers music to listeners around the world and openly uses internal data for the following purposes:
Marketing, promotion, and advertising campaigns
Feature development and evaluation
Business planning, reporting, and forecasting
Fraud detection and prevention
However, Spotify also uses third-party or external data to deliver more relevant advertising to its listeners. Spotify’s ad partners help them facilitate tailored ads to match your interests or moods, such as which cars a car lover might want to know more about.
Today, innovative organizations—those already using advanced analytics software powered by big data—are like Spotify. According to TechTarget, they’re combining data from a variety of internal and external sources to enhance customer service, boost sales, make marketing more efficient, enhance products and services, and infuse more real intelligence into their operations.
Instead of simply deriving static reports from data that has been moved in and out of data warehouses, clever ...
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