In the information age, data experts mainly have been responsible for unleashing the power of data within organizations, as others lacked training to handle the humongous amount of data effectively.
The rise of emerging technologies, however, has given more power to non-data analysts to utilize and interpret data. Making data accessible to nonspecialists is the future of data and is called data democratization.
Data marketplaces play a huge role in enabling data democratization. Users are enabled to make important data decisions, like which data is important and why is it important, without reliance on IT experts. The marketplace is dynamic. Users decide what has the most value. Companies can decide on their data investments based on the popularity of data by usage. After purchasing data from the marketplace, users can combine it with other available data to launch powerful data-driven projects.
Infosys partnered with a Dutch bank to integrate a data marketplace solution with the company’s enterprise systems to provide a single data asset repository for organizationwide users, using Solr.
Infosys partnered with a multinational oil and gas company to develop an integrated data marketplace solution that provides users with a platform to find data, tools and practices to conduct research, develop web and mobile applications, and design data visualizations.
A top airplane manufacturer used an application programming interface marketplace for an aircraft event history service, an event classification service, aircraft disruption event prediction tools, etc.
According to the Customer Experience Impact survey, 86% of customers are willing to pay more for a better customer experience. This provides organizations an opportunity to stand out from their competitors by delivering hyperpersonalization. Today, customers use multiple devices that provide businesses with a lot of information regarding their lifestyle and behavior. Enterprises are going through a digital transformation and connecting enterprisewide data. The connected data of an enterprise forms the digital brain and enables continuous, automated learning from data across all business units, departments, product lines and services, giving the organization higher cognition. The digital brain harnesses data and drives personalized experiences for the customer across the buyer journey in real time and is pivotal for achieving hyperpersonalization .
A food processing company offers a great example. Infosys partnered with the company create an up-to-date mind map, which was realized through a connected taste graph that captured affinities across consumers, recipes and products. This allowed it to intelligently perceive relevant signals from consumer clicks and push contextualized exclusive proposals to consumers across touchpoints.
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