Smart data

Bisnode refines big data into smart data

Smart data is relevant data

Smart data is relevant data

Data has become the new commodity of our era – and it's available in abundance. Every day, 16 trillion megabytes of data are generated across the globe. At Bisnode, we're convinced that the future belongs to those who can take these vast amounts of data and extract insight, facts and answers. For us, it is only then that big data becomes smart.

Understanding the scope of the amount of data that is produced every day in the world is not an easy task. How much is 16 trillion megabytes anyway? Another statistic may help put this explosive development into perspective – 90 per cent of all the world's data has been created in the past two years. This includes information from business transactions, email, social media, blogs, GPS, videos and digital images. It is hardly an overstatement to say that this information – which we have become accustomed to calling big data – is a goldmine for companies, which is one of the reasons that more and more businesses are engaging in data collection. But how are we going to be able to manage all this information?
Smart data is about weeding out everything that is not relevant and ensuring proper data quality. The companies who succeed in this don't only have an easier time retaining their existing customers, but are also better at precision-targeting advertising campaigns and promotions to new customers.

Big vs smart data – Bisnode gives you relevant answers and practical insight

What is smart data?

What is smart data?

Data becomes smart when it prompts good decisions and business with customers. When Bisnode talks about moving from big data to smart data, that is precisely what we mean – taking the vast amount of data created and using it to deliver the right data points and the right analyses at the right time. This enables you to make smart decisions and create good business.

All companies can do more and better business with a data-based strategy and well-grounded decisions based on the right information. This requires smart data that shows who you should communicate with, about what and at what time.

How smart data can drive business

How smart data can drive business

  • Optimizing credit risks
    Knowing more about your customers can help you protect yourself against fraud and focus on doing good business with the 'right' customers. Information about a person's annual income does not give you a complete picture of their purchasing power and creditworthiness. Combining multiple relevant data sources enables you to balance your risks and increase your revenue.
  • Plan your company's cash flow
    Most companies know what it is like to have outstanding receivables when you need to make payroll and settle supplier invoices. Our analysis models give you an up-to-date account of your ledgers and an easy way to plan future cash flow to avoid unnecessary costs for your business.
  • Reach the customers you want
    More precise targeting allows your company to personalize offers. Traditionally, target marketing has struggled to find reliable information, resulting in generalized clusters rather than clearly defined target groups. But it is now possible to get to know the individuals behind the numbers, find out what they are interested in and what their buying behaviours look like.
  • Personalize the customer experience
    It is highly unlikely that all unmarried men in their mid-thirties who live in a big city have the same interests, buying patterns and lifestyles. Using smart data enables you to interact with customers on their own terms, offering them better service and personalized offers. Instead of just going with a gut feeling, you can base your dealings on facts from available data.
  • Develop existing customer relationships
    There is a rule of thumb that says that 80 per cent of sales come from 20 per cent of customers. Do you know what these figures look like for your customer portfolio? Bisnode can segment your customer base so that you can clearly see which customer relationships you should develop – and which you should be winding down. By analysing historical buying patterns, we can also provide answers on what you should be offering to which customers, when and how.
  • Check out the future
    What is the probability of your suppliers going bankrupt over the next few months? What will your customer's next purchase be? Smart data can give you insight into the future and help your company communicate the right message at the right time.

 

Make smart business decisions

Discover what smart data and analytics can do for you and your business