4 trends in how organizations will use Web integration tools in 2020
Web Data Integration or WDI is seeing a significant rise in adoption and in 2020 organizations that desire a competitive edge will be adopting WDI solutions in droves. In fact, Opimas, reports that as the range of use cases for web data integration rapidly increases, so has spending on alternative data – with spending to hit nearly $7 billion in 2020.
In a nutshell, Web Data Integration is a new approach to acquiring and managing web data that focuses on data quality and control.
Traditionally, hedge fund managers have been on the forefront harnessing the power of alternative data solutions but today educators, realtors, travel and other organizations are tapping into WDI to reap insights from the Web that may be difficult to discover in other ways.
Below are four predictions that documents how I believe different industries will utilize WDI 2020:
- Keeping Data Verified and Safe in 2020 - Automated Web Data Verification will be the Norm in 2020
The fact is, less than 60% of today’s web traffic is human, and businesses that have been using competitor web data to gain valuable information are doubtless wary to the fact that their competitors are performing the same type of web data reconnaissance in turn.
While web scraping technologies have been adopted by many organizations, in 2020, organizations will increasingly begin to incorporate additional security measures to analyze the quality of the data to ensure its validity. This new trend will ensure that organizations are able to identify anomalies within the datasets and thus, gain more valuable business insights.
- Travel Organizations to Widely Adopt Web Data Insights in 2020
As the travel industry becomes increasingly digital and varied (from ride sharing to hospitality to attractions and more), it also becomes progressively more complicated, and as such, travel businesses must utilize web data insights to remain competitive. Remember when everyone booked travel through their travel agent?
The internet has revolutionized the way people vacation, and data driven insights are strategic ways to ensure travel businesses remain relevant. Travel organizations all need premium data at-scale to suss all this out and build a taxonomy so that the industry can better understand their markets and competition.
Therefore, in order to stay competitive, travel organizations will be adopting web data integration tools by the droves in 2020.
- Educational and Political Organizations beginning to Capitalize on Web Data
Revealing customer sentiment is one of the most useful and insightful capabilities of web data analytics. Higher education and political organizations are both currently vying for the favor of younger demographics - which almost universally use the web and social media daily, if not hourly.
The ability of web data to uncover the opinions of the younger demographic is invaluable to educational and political institutions, and although their specific industry use cases for web data are more cyclical than those of the retail, travel and finance industries, we can expect both to utilize web data to expand their reach and revenue in 2020 and beyond. This is especially the case with 2020 set to be such a tumultuous political season.
- The Real Estate Industry to Adopt Alternative Data in Increasing Numbers in 2020
Now that the retail and travel industries have recognized the usefulness of web data to provide a competitive edge within their sectors, we can expect real estate companies of varying sizes to begin to capitalize on the widely available public data that is available on the world wide web.
Due to the similarities between the real estate, travel and retail industries, there are quite a few ways that real estate businesses can initially take advantage of web data in 2020 - revenue optimization, consumer sentiment, competitor pricing, and more - with additional opportunities yet to be explored.
Organizations can expect 2020 as the year when WDI comes into its own, procuring helpful insights and customer sentiments from the Internet and offering businesses a deeper look into their own companies and competitors.