Open data is opening up new business opportunities and revenue streams. Huge data mainly from the public and government sectors are becoming accessible freely. It is generating great business opportunities for launching new services and products, and improving or growing the existing ones.

What is Open Data?

Open Data is defined as the non-personal information, which can be accessed, shared, and used by anyone. Data to be open should have the following features:

• Published in the machine-readable and accessible format
• Published under a license, which says the data is open
• Available for anyone to reuse, use, and share

Some of the examples of open data are mapping and geospatial data, transport data, national statistics data, road safety data, crime statistics data, transport data, environment and weather data, health inspection data, labor market statistics, etc.

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Benefits of Open Data for Business Opportunities

One of the greatest benefits is that it enables businesses to be established based completely on public datasets. It is ideal for small and startup companies and this is the reason that most companies that have been established recently are using it.

Besides allowing new businesses to be established based on this data, it offers existing companies the opportunity of developing new services and products along with the present portfolio. There are a lot of small and medium enterprises in various sectors that are creating consultancy services and data products depending on open data.

Using open data for the purpose of business is a new concept and thus companies who get involved with it shall have an advantage over its competitors. This shall not give them lucrative insights but businesses shall be well-prepared for the future. Similar to big data, open data is rapidly growing and thus building a team, which understands the way to read open data can be fruitful.

Open Data has the benefit to check up on the competitors completely for free. You can gain insights into things such as the technology others are using and the current financials. Once you have this information, you can compare your market strategy with them and see how effective your strategy is.

Data-driven marketing is more successful. Once you have gathered a good amount of information about potential customers, you can easily target your customers. It is achieved through open data and using things such as social media and company databases so that you gain a good overview and you can personalize the messages.

Open Data places all companies on an even playing field. It removes the obstacles of small businesses and they gain insights similar to large companies.

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