Strategic Alternatives to Building Your Own
External Data Adds Value
External data can be valuable to many organizations. It can enrich the internal data that an organization collects and analyzes about its customers, prospects and partners. Planning and operations teams can benchmark an organization’s financial or operational performance. And it can supplement machine learning (ML) analyses to produce more accurate models.
Our ML research shows that those organizations that are using external data are more likely to realize a variety of benefits. For the retail and consumer packaged goods sectors, demographic data is essential to understanding customers’ buying behaviors. In financial services, external business data helps in assessing credit risk when extending small business loans and lines of credit. For insurers, weather and geospatial data can be essential to managing claims from damaging weather events.
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