“Data is the new oil!”. There is probably not a single CEO out there who has not said this sentence before. In this blog post we want to give a little context to what this buzz-wordy phrase means and how we as a company use data insights to create business value.
In the first part of the essay we will look at general mechanisms of data-driven value creation. In the second part we will look into lidbot and how we use these mechanisms to create business value. First let us fully understand how data can drive monetary value for businesses. Therefore, we need to step back a little.
A few weeks ago, during my vacation in New York City, I came across a perfect example on how a company can use data: Amazon Books — a physical store of Amazon, selling books. The pure existence of these stores was astounding to me as book retailing was the very first industry which was digitized by the company back in 1994. By selling books online the company drove many bookstores into insolvency.
How Amazon Books uses data
Looking back the…