Rapidly growing estate of digital data means that new companies gain access to the information resources faster and easier, and it already brings competitive advantage, improves products and their delivery, cuts costs and proliferates innovation.
London, UK (PRWEB UK) 27 October 2014
If there was a better access to market and customer behaviour data, an extra 1 mln of startups could have succeeded and 2 mln new jobs created. Historically it has been hard for a new company to validate its market without the trial-and-error method, which often means that a long time should have passed and millions of dollars have to be invested before the founding team gets a clear picture of what customers want and how it is best to position the product. No wonder that success rate of new ventures on average is less than 20%.
Now, with the increased availability of data and advanced technology several companies are working on providing tools for market and customer insights. Traditional market research means the usage of outdated statistics, lack of certainty and low quality prediction capacity, but now real time information gives the possibility to make fast and reliable decisions regarding market entry, positioning and marketing strategy.
Svitlana Surodina, CEO of Skein Group, comments:
"Rapidly growing estate of digital data means that new companies gain access to the information resources faster and easier, and it already generates competitive advantage, improves products and their delivery, cuts costs and proliferates innovation."
Skein Digital is a digital analytics and strategy subsidiary of Skein Group, an international technology and media company. The company has introduced its analytics platform with a view to democratize access to data on market opportunities.
S-Analytix aggregates information from social networks, search engine data, open governmental statistics and private sources.
But it is not enough to collect information; to turn data into knowledge expert intelligence is required. The human factor cannot be completely replaced by automatization systems, and Skein Digital employs data scientists and digital analysts to create predictive models for specific industries.
Data is the new capital of the global economy, and opening it revolutionizes the ways companies compete. Better access to information helps them to understand and shape the world in a long-term perspective. It also empowers anyone who wants to address an uncovered market demand no matter how small or big, to do that with less risk and more efficiency.