Different Industries, Different Perspectives: Understanding the Varied Views on Data Across Sectors
Different Industries, Different Perspectives: Understanding the Varied Views on Data Across Sectors
Shifting Perspectives on Data
A transition from research tools to data-driven tools is driving companies across all industries to embrace a more sophisticated view of data. Asset management firms and corporates to purpose-built alternative data companies – the range is vast and growing. From ad tech’s advanced analysis tools to coupon data tracking consumer habits, the diversity of data usage is immense and illuminating.
Untapped Potential
Despite this growing sophistication, there’s a vast universe of untapped potential waiting to be explored. Data lakes brimming with insights remain unexplored, providing a goldmine of opportunities, such as the complexities within healthcare records data.
Overcoming Challenges in Data Usage
However, challenges persist. Some companies with significant data assets may overestimate their data’s usability for various use cases. Transitioning data for another industry domain, for instance, requires more than just opening data lakes for view. It needs a level of polish and preparation specific to that industry use case, which is often overlooked. A gap still exists between data preparation and actual use cases, even in the investment world, a hurdle the industry must overcome to unlock the full potential of data.
Exploring the shifting perspectives on data across various industries, this blog post dives into the growing sophistication in data usage, untapped data potential, and the challenges that need to be overcome to fully harness the power of data.