Make use of external data within the limits of compliance and regulations.
To make the most of the capability of data and analytics to bring about transformation, an understanding of both internal and external data sources is needed. External data sources can help understand competitors better, spot consumer behaviour patterns, market dynamics and more.
The pandemic brought with it the realisation that external data sources are just as necessary as internal data sources. However, brands must be aware that with external data sources, one has little control over the means of capturing data. This results in an overreliance on the data provider.
It also calls for a way to combine two or more separate datasets given that the data is being gathered from various sources. Further, it becomes necessary to ensure that the external data has been collected in an ethical and lawful manner.
[6 minute read]