The Benefits of Open Data for Startups and Corporate

Nowadays, data has been much more important than it was. Any information we receive might affect our strategy and plan in the future. Hence, available technology holds a crucial role.

The availability of data analysis tools facilitates enables anyone to declare himself as a data scientist, as someone who can grab more insight out of pile of data. Open data is a concept in which data are allowed to be published to later be used by public in order to enrich the existing data. How can this concept benefit startups and corporate?

Back in 2014, Intel was reportedly in the middle of exploring new business opportunities which may be applied in governments that adopt open data. Intel wasn’t alone. IBM, Amazon Web Service, Yelp, and other companies which are listed on the OpenData500 also did the same, indicating that open data concept brings goodness to corporate.

McKinsey stated in one of its surveys in 2013 that the concept may raise every sector’s revenue up to $3 trillion per year. This is due to the limitless business opportunities that can be created, thanks to the concept that generates more data. Moreover, corporates also get more insight as their reference in analyzing the market sentiment get bigger. Open data concept may also guarantee product and price transparency, allowing businessmen to compete and improve each own product quality.

The report also revealed that health and finance were two out of seven sectors that profit the most from the concept implementation.

Open data and big data are a perfect match. Data analysis tools get much more advanced as time goes by. Vendors look to provide entrepreneurs, startups and corporate something ‘perfect’ to manage their data. By the implementation of open data, there would be more insight available for them.