Data Overflow & Democratization: A new era about to begin
Up until a few years ago data was a precious and rare resource wielded by a few....
Today data is abundant, free & manipulated by many.
What does this mean for me you may ask... Â As a business leader in impacts you because you can save money while using better, richer data. Â More specifically:
In many countries such as the U.S. you can save over 100,000 dollars a year just by using public data (that is often more reliable than what you would get from a market research agency)
The wealth of data available to you is greater - for example if you generally research your geographies consumption behavior of your category you can now look at all geographies consumption of ANY product category as well as detailed demographics & attitudes
It also means however that you need to be more careful with what you read... Â Data is only as good as the people that analyze it so it will become increasingly important to train people to interpret & manipulate this data accurately.
Key tools to train your resources on are: SPSS, Tableau & online dashboard / visualization tools.