The Adage Of The Century — “Data Is The New Oil”
Data as a raw material, has created an entire economy around it. The technologically advanced 21st century has witnessed a rapid rate of adoption of data-driven services, to aid the performance of other sectors. The true value of data is produced after it is refined and filtered — usable data acts as a decision making tool, helping deal with pertinent issues in a proactive manner. The demand for more data seems to be unceasing, as the business dynamics keep undergoing radical shifts worldwide in the blink of an eye.
Data — The New Oil, Until It Caught Fire
COVID-19 has brought with it many hardships, and a very glaringly obvious maxim — More data might not necessarily equal better information, based on which actions can be undertaken.
The demand is not just for raw data — it is for up-to-date, relevant and precise data. False positives, disorganized collection and irrelevant information have all posed hurdles to the path of gradual recovery. Businesses have had to face repetitive obstacles, even after identifying potential regions of downfall. It is not due to the lack of data but due to the unavailability of data that is filtered to cater to specific needs. Disasters; be it physical, financial or commercial, can be predicted with the help of data, but what next? Can the “digital oil” minimize the predicted risk of all the possible catastrophes?
OIL — Optimal Intelligence Leveraging
Data Sutram is a location intelligence platform that procures its data from 250+ sources, gathering intel on every point of the planet. With an astronomical rise in the usage of big data, Data Sutram is capable of providing actionable insights in the domains of Risk Analysis, Strategy & Growth Planning and Customer Acquisition for leading NBFCs, SFBs and BFSI + Fintech companies.
Furthermore, our granular data can help in retail marketing, defining sales territories, predicting medicine product mixes and so much more! Risk mitigation, hyperlocal marketing, EV charging station planning, disaster management, creditworthiness checking, insurance claim verification — The possibilities of utilizing location intelligence are vast but within your reach — just a few taps away.
Envisioning A Bright Future Ahead
Alternate data has immense potential to transform the perception and subsequent utilization of data to achieve goals. In a world which is continuously witnessing changes in traditional norms followed — the mushrooming of startups in multiple domains, the metamorphosis of financial institutions into digital omni channels and booming of e-commerce; the world needs new oil to drive the engine of innovation, and that lies in alternate data.