Market-defining ideas won’t be found in more of the same data. Yves Mulkers, founder of 7wdata, explains how only analysing the same internal data over and over is a waste of time. Instead, companies should be looking to enhance their knowledge with external insights so they can really “see” and “understand” their customers from other perspectives — otherwise “there’s no way you can truly predict what [they] will do” next. Mulkers explains that from being too focused on internal data:

You’re resorting to a reactive approach rather than being proactive in addressing the issues on the horizon for your audience.

How brands are wasting money on third-party data. Parker Morse, CEO of H Code Media, argues the fundamental flaws of marketers turning to third-party data sources to enable data-driven campaigns. Marketers have no way of knowing how relevant or accurate this data is to their customer base, which negatively impacts the effectiveness of campaigns. -> Poor data quality causes massive cost inefficiencies. Alternatively, second-party data sources provide relevant and in-depth insights to drive “advertisements, products and messaging”, which are “better aligned” with the target customer’s preferences and needs :

If, for example, you’re a CPG company looking to get more information on the people who buy your products in stores, it would be ideal to team up with the retailers who sell your products, as they can give you valuable insight into your existing consumer base. On the other hand, if you want to draw customers into a store to buy your product, it would be better to have information on their movements and shopping habits, which might require partnering up with a beacon company or mobile app developer.

Why the near future of data is linked. Bryon Jacob, CTO and co-founder of data.world, describes how “serendipitous connections happen when data exists in an interlinked network”. Jacob uses a neat example to show the benefits of disparate and seemingly unrelated datasets being brought together to make unusual discoveries -> an increase in leukaemia diagnoses near avocado orchards which experienced a rare fungus outbreak. In Jacob’s opinion, the future of the web will connect data (like The Semantic Web):

Linked Data will power a lot of that. Using data will be like browsing the web — because it will be browsing the web.

Will data breach redress be the new PPI? UK consumer group Which? has called on the government to amend the Data Protection Bill to ensure “consumers do not lose out when their data is compromised”. The proposed changes would enable independent organisations to act in the public interest to “help groups of affected consumers to receive collection redress”. According to new research (also from Which?), 1/10 people have been subject to a data breach in past year and 1/5 don’t know how to claim redress. If the company at fault doesn’t offer adequate support: