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It’s no secret that today web data can provide organizations vast insights into their “…competitive landscape by showing…how rivals position themselves and providing early indicators of changing attitudes, sentiments, and interests…” writes a recent report by Ovum.
But the issue today is how to get at these gems of data.
“The difficulty is that many organizations lack a full understanding of the value of web data, what to look for, and how to manage it so that it can live up to its promise of complementing enterprise data to provide fresh, timely views of a company’s competitive landscape,” the Ovum report continues.
This is where web data integration (WDI) comes in and makes web data a valuable resource for organization seeking to understand their competitive position as well as the key challenges in their market. In the past few years, finance organizations have been on the forefront of WDI adoption, but that is set to change. In 2020, we will see more industries adopting WDI and doing away with conventional “web scraping” techniques that cannot yield the same insights as the newer WDI tools. Here are the top industries we believe will be adopting WDI in 2020:
Travel Organizations to Widely Adopt Web Data Insights in 2020
As the travel industry becomes increasingly digital and varied (from ride sharing to hospitality to attractions and more), it also becomes progressively more complicated. As such, travel businesses must utilize web data insights to remain competitive. Remember when everyone booked travel through their travel agent? The internet has revolutionized the way people vacation, and data-driven insights are strategic ways to ensure travel businesses remain relevant. Travel organizations all need premium data at-scale to suss all this out and build a taxonomy so that the industry can better understand its markets and competition.
Therefore, in order to stay competitive, travel organizations will be adopting web data integration tools by the droves in 2020.
Educational and Political Organizations Beginning to Capitalize on Web Data
Revealing customer sentiment is one of the most useful and insightful capabilities of web data analytics. Higher education and political organizations are both currently vying for the favor of younger demographics – which almost universally use the web and social media daily, if not hourly. The ability of web data to uncover their opinions is invaluable to educational and political institutions. Although their specific industry use cases for web data are more cyclical than those of the retail, travel, and finance industries, we can expect both to utilize web data to expand their reach and revenue in 2020 and beyond. This is especially the case with 2020 set to be such a tumultuous political season.
The Real Estate Industry to Adopt Alternative Data in Increasing Numbers in 2020
Now that the retail and travel industries have recognized the usefulness of web data to provide a competitive edge within their sectors, we can expect real estate companies of varying sizes to begin to capitalize on the widely available public data that is on the world wide web. Due to the similarities among the real estate, travel, and retail industries, there are quite a few ways that real estate businesses can initially take advantage of web data in 2020 – revenue optimization, consumer sentiment, competitor pricing, and more – with additional opportunities yet to be explored.
Ultimately, the adoption of WDI techniques will become widespread in 2020. It will help many organizations better understand the competitive landscape and the key issues shaping their industries.