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As the open data movement continues to grow, more and more businesses are choosing to make their own data freely available. Although this may seem counterintuitive, providing access to your company's information actually comes with a number of potential benefits; there's a reason market leaders like Google and ASOS are joining the bandwagon. If you're interested in learning why open data is increasing amongst businesses, read on to find out...
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.
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.
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.
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.
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.
If your business is looking to close more deals and achieve a better ROI, you should almost certainly be employing the process of lead qualification. Although it's often woefully underused, it's a vital asset when it comes to ensuring your sales and marketing teams are targeting the right businesses.