With the rising importance of data and customer experience, organizations adopt newer data models to scale their business operations and facilitate growth. To thrive in the digital world, it is important for enterprises to use their data in the best possible way. Not only does this data help attain significant insights but also aid transformation of the way, most enterprises act.
Whether a small scale startup or a big fat enterprise, data is the foundational resource of all business undertakings.
Adhering to the needs of the digital revolution, Microsoft, along with SAP & Adobe, undertook a significant move, a year before, when they decided to form an alliance and opt for Open Data Initiative.
A model or an initiative incorporated to improve and better the customer experience management, open data initiative is the need of the hour. Consider for instance that an organization has multiple departments, each that caters to a different set of problems. To deal with the issues, engage with customers and render a customized solution, they do need to gather and access data. Given that all of these are independent units, data is stored in a standalone environment.
One thing to note here is that none of these data should be hidden or restricted for usage. It needs to be open both legally and technically and also should be machine-readable.
The fact that open data initiative surpasses the siloed environment of business infrastructure, all of the operations carried out, is in a way that involves significant transparency. Open Data Initiative provides tremendous support for accessing customer data and helps reduce any discrepancy by promoting better transparency.
Data is undeniably the king. In order to make the most out of the data, marketers can drive insights on customers' behavior using the technology of artificial intelligence.
Entrepreneurs and Businesses are seen to invest and incorporate the Open Data Model so as to attain a far more customized view of the potential markets and use the same to build customer-oriented and data-driven products.
Evidently, Open Data eases the process of accessing data and then use it to build newer models of business, one that is adept in technology and aligns with the preferences and expectations of the customers.