Although it may seem like another novelty caused by the union of new technologies, such as AI and Machine Learning, Cloud Computing, and Data Science. However, purchasing data as a service is a decades-old practice that is constantly being optimized.
To help you understand more about this practice and learn the best ways to apply it to your business, here is an exclusive interview with one of our best experts in the field. We are talking about Filipe Cotait, computer scientist and Director of Technology and Operations at Stefanini.
During this interview, Cotait will help us to better understand how, for a long time now, data has been a very valuable product for organizations — sharing his experience and explaining how the most modern companies in the market can still improve by taking advantage of these opportunities.
What is Data Purchase as a Service?
As we said, it seems more like a novelty, but it is not. Buying data as a service is a very common practice where companies buy access to certain data. There are companies that collect useful information so that others can use it to optimize their processes.
This data, after being collected and processed, is provided as a service by a partner company or a provider. Cotait, our Technology Director, explains:
“Purchasing data as a service is a simple concept: we pay for the value of the data received. In parallel, it is very similar to electricity and water bills — but with valuable information for your organization.”
When and how did the practice of buying data come about?
According to Cotait, the practice of purchasing data emerged many, many years ago. Notaries or credit analysis companies have existed for decades. These companies have data that can be requested and purchased.
The census is a historical example, used for centuries to tabulate economic, financial, and social population data. The Internet just accelerated and democratized the collection of this information that had already been performed for years, said Cotait.
It was then noticed that data was scattered everywhere. It was present in many diverse sources.
Cotait reiterates that it is possible to aggregate these sources to obtain information that was previously very concentrated, very dispersed or difficult to make available. He has some notes on this issue, which we’ll discuss below.
So, is the data interconnected?
In short, yes. Data in general is interconnected, but at the same time it is dispersed through several places, which makes it difficult to have accurate data, regardless of the subject.
According to Filipe Cotait, this new reality made it possible to collect data on institutional websites, applications, and social networks simultaneously. With this development, the purchase of data as a service began to be discussed, even more so after the arrival of cloud services — where the issue of paying for technological services as a service took shape.
“This is one of the main reasons why we use the phrase ‘data is the new oil,’” points out the director. “And this makes a lot of sense” – he continues – “because, like oil, data has a high value. Just like the raw material of fuel, it is necessary to process it in order to be used, transforming it into information that can be applied in everyday life.”
When buying data as a service, what are the advantages for the company?
Filipe Cotait shows a lot of assertiveness when answering this question. He explains that the purchase of data can help with decision-making. Having the information your company needs allows any decisions to be more informed and based on accurate data about the market and target audience.
In addition, it allows the development of more elaborate strategies, based on solid foundations, a detail that is now essential for companies seeking a high growth rate.
This happens because, based on the analyses that can be carried out, it is possible to have better insights, define paths to be traced, and make the direction revolve around better consumer engagement and loyalty.
In addition, there are tools that can help a lot in this task, such as the LORE platform. Below, we’ll learn more about this topic.
Is it possible to access the purchase of data as a service by LORE, Stefanini Scala’s analytics platform?
LORE is a digital platform developed and maintained by Scala, a Stefanini Group company, which offers a series of advantages and services to help companies plan, make decisions, and monitor the market.
Filipe Cotait explains that the decision to implement a platform like LORE was based on Scala’s experiences as a provider of analytical solutions and the market needs that our customers presented to us. According to him:
“Since its inception, Scala has decided to launch a platform to offer its customers a complete analytical journey as a service — this is the strongest point of the platform. The client needs different types of data, whether internal or external, to compose their market strategies.”
“That’s where many of the problems encountered by companies that opt for this optimization come from. This data is scattered across different sources, such as social networks, websites, and apps, making it difficult to collect and organize this information in a usable way.”
Carrying this out demands resources and time, in addition to often involving issues of privacy and access restriction. LORE can make all of this available, with the help of our experts and engineers, providing a secure and scalable environment.
This feature allows real-time data analysis, with access to customized dashboards and reports. Tools available on the platform include artificial intelligence, machine learning, and predictive analytics, among others.
“The company that uses and takes advantage of these advantages is not concerned with developing any of this,” points out Filipe.
How is the purchase of data as a service performed on the LORE platform?
“As developers at LORE, we are well aware that the world of the internet and social networks is dynamic, and customer needs can vary according to different times and circumstances,” says the executive.
“Therefore, the platform offers a flexible payment model, in which customers only pay for what they consume, without having to buy assets or entire projects. Thus, LORE presents itself as a practical and efficient analytical solution, which allows companies to access the information they need faster and more economically.”
Filipe ends by highlighting that purchasing data as a service is ideal for companies looking to expand their business, launch new products or services and better meet the demands of the market in which they operate. “It is important to obtain data from reliable and, above all, updated sources. Only in this way can we guarantee that the information collected is accurate and truly useful for decision-making.”
Do you want to know more about the LORE platform and how it can help your organization in the modern world, using the best of the latest available technology resources? Get in touch with one of our expert consultants right now and find out more how data can be useful for the optimizations your company needs!
This article was originally translated from: https://stefanini.com/pt-br/insights/descubra-qual-a-vantagem-de-comprar-dados-como-servicos-3