By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    construction analytics
    5 Benefits of Analytics to Manage Commercial Construction
    5 Min Read
    benefits of data analytics for financial industry
    Fascinating Changes Data Analytics Brings to Finance
    7 Min Read
    analyzing big data for its quality and value
    Use this Strategic Approach to Maximize Your Data’s Value
    6 Min Read
    data-driven seo for product pages
    6 Tips for Using Data Analytics for Product Page SEO
    11 Min Read
    big data analytics in business
    5 Ways to Utilize Data Analytics to Grow Your Business
    6 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: What To Consider When Gauging The Effectiveness Of Collected Data
Share
Notification Show More
Latest News
cloud-centric companies using network relocation
Cloud-Centric Companies Discover Benefits & Pitfalls of Network Relocation
Cloud Computing
construction analytics
5 Benefits of Analytics to Manage Commercial Construction
Analytics
database compliance guide
Four Strategies For Effective Database Compliance
Data Management
Digital Security From Weaponized AI
Fortifying Enterprise Digital Security Against Hackers Weaponizing AI
Security
DevOps on cloud
Optimizing Cost with DevOps on the Cloud
Development
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Business Intelligence > Artificial Intelligence > What To Consider When Gauging The Effectiveness Of Collected Data
Artificial IntelligenceBig DataBusiness Intelligence

What To Consider When Gauging The Effectiveness Of Collected Data

Ryan Kh
Last updated: 2018/08/08 at 11:29 PM
Ryan Kh
6 Min Read
collected data use
Shutterstock Licensed Image - By Maksim Kabakou
SHARE
- Advertisement -

The acquisition and retention of customers is the biggest challenge facing marketers. Marketers can overcome this challenging by accessing critical data on consumers. Mittelberg asserts that this data can help marketers in two ways.

Contents
1. Empowering Providers of Data Blockchain 2. Promoting Transparency in the Industry 3. Encouraging Confidence in the Data Marketplace 4. Simplifying Data Transaction 5. Integrating Artificial Intelligence (Al) is the unstoppable wave of the future.

One of them is communicating effectively with the most viable leads. Another one is identifying consumer needs and using this information positively to encourage loyalty to the organization and its brands. Unfortunately, the data collected by industry players is unusable in many cases because of its complexity and fragmentation.

- Advertisement -

In other words, these players collect too many pieces of information, and each piece is highly complicated. Consequently, marketers can only use a few of these pieces. The solution to these complexities and fragmentations lies in an overhaul of the data-marketing ecosystem. This overhaul would help businesses save loads of money that they pump into these data collection companies.

The Data Marketplace Information on consumers is critical to the success of advertising campaigns. However, businesses have to be more careful in the kind of data that marketing firms collect for them than they are now. More specifically, they have to make sure that the usability of the data is worth the amount that they spend on advertising.

More Read

database compliance guide

Four Strategies For Effective Database Compliance

What Role Does Big Data Have on the Deep Web?
How IoT Can Be Connected to Business Intelligence
Use this Strategic Approach to Maximize Your Data’s Value
How Data and Smart Technology Are Helping Hospitalists

In 2017, advertising firms raked in more than $591 billion globally with $209 billion of it going to digital advertising efforts. Unfortunately, industry analysts admitted that the data sources used for these marketing efforts were mostly ineffective. Consequently, businesses are now pushing for quality data sources that would improve their rate of return on investments in marketing efforts.

Regrettably, big companies have monopolized the data industry. For example, they have the workforce, resources, and time to locate sources, negotiate costs, and finally, establish legally sound privacy standards. That means small and medium-sized businesses have a difficult time trying to enter the data marketplace.

The consequence of this skewed data market in a deterioration of quality and recurring cases of duplication. A solution to these problems is necessary. Fortunately, merging artificial intelligence, big data, and blockchain technology may revolutionize the industry in the following ways.

- Advertisement -

1. Empowering Providers of Data Blockchain

Technology strengthens the position of data providers in two principal ways. One of them is helping them monetize their data by placing it in the international data marketplace. It also helps them by reducing barriers to entry into this industry. More specifically, it opens up this marketplace in the same way that eBay opened up the retail market in the US and other countries.

2. Promoting Transparency in the Industry

Unfortunately, big data companies have opaque systems of collecting, sharing, and using the data that they receive from consumers and other sources. In contrast, blockchain technologies are transparent. More specifically, users of that data can see its origin and those who provide it know where it is going.

3. Encouraging Confidence in the Data Marketplace

A transparent marketplace that gives participants control over their data inspires confidence in them. These participants also feel confident when they receive unaltered data from blockchain systems. In contrast, the information that they collect from data companies is usually rosy and ineffective.

4. Simplifying Data Transaction

Imagine buying data from different sources with each source have different methods of collection. Aggregating this data is a painful process. Fortunately, blockchain technologies are simplifying this data buying processes by providing a single point of sale for marketing data In fact, buying data will be as straightforward as buying a product from Amazon.

5. Integrating Artificial Intelligence (Al) is the unstoppable wave of the future.

Blockchain technology is incorporating it into the data marketplace. More specifically, it is introducing Smart Indexing Engines (SIE) into the provision of continuous real-time data SIE is a form of AI technology that employs machine-learning capabilities for confidence scoring.

- Advertisement -

The acquisition and retention of customers is the biggest challenge facing marketers today. The collection and use of valid data is the only way of ensuring that marketers overcome this challenge. Unfortunately, big data companies are collecting ineffective data. Consequently, a new data collection system is necessary.

Blockchain technology is the solution to this pressing problem for businesses that rely on data to acquire and retain customers. More specifically, this technology revolutionizes changes in the data marketplace by promoting transparency and encouraging confidence in the collected data Moreover, it simplifies data transactions in addition to integrating Al systems into it

However, businesses have to identify a suitable blockchain marketing platform for them to enjoy all of these benefits. Currently, Stepium is the best blockchain platform for these transactions. Trying it will be a worthwhile experience that will benefit your business significantly.

TAGGED: big data, business intelligence, collected data, data collection
Ryan Kh August 8, 2018
Share this Article
Facebook Twitter Pinterest LinkedIn
Share
By Ryan Kh
Follow:
Ryan Kh is an experienced blogger, digital content & social marketer. Founder of Catalyst For Business and contributor to search giants like Yahoo Finance, MSN. He is passionate about covering topics like big data, business intelligence, startups & entrepreneurship. Email: ryankh14@icloud.com
- Advertisement -

Follow us on Facebook

Latest News

cloud-centric companies using network relocation
Cloud-Centric Companies Discover Benefits & Pitfalls of Network Relocation
Cloud Computing
construction analytics
5 Benefits of Analytics to Manage Commercial Construction
Analytics
database compliance guide
Four Strategies For Effective Database Compliance
Data Management
Digital Security From Weaponized AI
Fortifying Enterprise Digital Security Against Hackers Weaponizing AI
Security

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

database compliance guide
Data Management

Four Strategies For Effective Database Compliance

8 Min Read
big data technology has helped improve the state of both the deep web and dark web
Big Data

What Role Does Big Data Have on the Deep Web?

8 Min Read
internet of things and business intelligence
Internet of Things

How IoT Can Be Connected to Business Intelligence

6 Min Read
analyzing big data for its quality and value
Big Data

Use this Strategic Approach to Maximize Your Data’s Value

6 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data
AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?