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Due diligence checks aren't just for banks; any company can benefit hugely from carrying out background checks on both clients and suppliers. In this economic climate the majority of businesses are looking to cut back costs, and while protecting from potentially risky deals and transactions may seem like an unnecessary process, in reality, it could end up saving you big time.
Open data is information that is available to the public to use, no matter the intended purpose. Big data, on the other hand, are datasets that are on a huge scale; so much so that they cannot usually be handled by the usual software. The simplest way of thinking of it is that open data is defined by its use and big data by its size.
Data is now more important than ever; it impacts basically every element of our lives, and perhaps even more so in business. Data-driven marketing is vital to running a successful campaign; guesswork and trial and error may be useful from time to time, but having cold hard numbers to work with will always mean better results.
The open data movement is changing the way we access information, as well as how we use it. By making data freely available organisations and bodies are benefitting hugely, not to mention the overall positive impact on the economy - research from Lateral Economics found that open data creates 0.5% more GDP than paid data, and the ODI reported that UK companies using or producing open data have a combined turnover of £92 billion annually. If you're looking to join the many other businesses putting this information to good use, here are our top ten picks for sources of open data online.
As the amount of open data increases, so too does the evidence of its benefits. The Open Data Initiative, or ODI, reported that UK companies using, producing, or investing in open data have a total turnover of around £92 billion annually, and employ over 500,000 people. Another study found that at least 85% of Americans who own a smartphone use apps that rely on open data.
Open data can be defined simply as information that has been made available for anyone to access, use, and share. It encompasses a wide range of types of data; everything from train timetables to figures for government spending, and as a result, it creates many opportunities across practically every industry.
Any marketer working in today's digital world will understand the importance of having a data-driven marketing and sales strategy, and open data represents a potential goldmine of information that can be used in a number of different ways. Open data is great for business, and in this article we'll explore exactly why that is.