The problem: Owning and maintaining great business data requires time and money. To be successful, a dedicated experienced data manager must be assigned with senior management involved in time-consuming details.When starting from scratch, expect to see your first useful data in the field in six to nine months at the earliest.
The solution: Data can be accessible as a Service (DaaS). How? Most data that you need already exist as semi-public information that can be licensed at a reasonable price to test the waters. Then, you can decide to build your most strategic data and keep licensing your less strategic data.
Personalizing existing services
If your needed service exists, purchasing accesses for your team through a volume agreement coupled with monitoring on your team’s usage is typically the best way to start.
Eventually, ask your data provider to deepen its research on the most relevant business information for your business (e.g., you are interested in knowing all the VP Real Estate in the retail companies of The Americas).
As an example, this is the way we personalize our Premium or VIP services.
Customized interface to access existing data
Data providers display in their standard services a fraction of the data they collect. With a smart interface, some of their existing data can be tailored to reveal unique information for your business. Developing an easy-to-use interface specific to your business typically takes only a matter of days.
Example: An investor wanted to contact industry advisors before acquiring companies (e.g., the former CFO in Retail in Europe). It took three days to develop a dedicated search engine on the executives who had recently quit their companies. Through its customized interface, the investor team finds its potential 10-20 best advisors for each deal in a matter of seconds.
Subcontracting your search of specific data
The data that you are looking might not exist on the market. You would rather rely on a professional data provider to collect, update, and verify the data and invest your limited management time in the algorithms that will extract business value from the data.
Will I own the data?
When using data as a service, you usually lease the data for the duration of your contract but also receive and benefit from all its associated updates. Yet, under these data leases, you do not own the data.
In most cases, this does not represent a problem because the leased data are valuable as long as they are updated. But in some situations, the data lease can be problematic.
The solution is to include in the agreement royalties for each coming year with your option to interrupt the agreement every year so that you make sure that your data provider will maintain its commitment to quality.
As an example, our annual pricing for a customized interface agreement starts at $9,990 for an unlimited internal annual use within a small company.
To know more, please email us at email@example.com.