3 Essential Tips to Harness the Power of Effective Data Acquisition

Joy Eakins and Chris Wyant Cornerstone Data share their data analytics with a client.

In a business landscape increasingly dominated by digital technology and data-informed decision-making, effective data acquisition is key. Here are three recommendations to keep your company ahead of your competitors:

1. Research industry trends

Staying informed about industry trends is crucial in the ever-evolving business landscape. Platforms like Google Trends can be a valuable asset giving you a glimpse into current search trends and aiding your strategic alignment with consumer behavior and industry shifts.

2. Subscribe to industry-specific newsletters and publications to equip your team with knowledge

These resources offer a wealth of information on recent trends, research findings, and insider insights, thus helping your team keep pace with the industry.

3. Utilize online resources

Survey platforms such as Microsoft Forms combined with automation tools like Microsoft Power Automate can be employed to gain primary data from your target audience and automate your analytics. Tools like Google Analytics offer comprehensive data about website traffic, user demographics, and marketing campaign effectiveness.

  • The U.S. Census Bureau provides a vast array of demographic, economic, and geographic data about the U.S., making it a priceless resource for businesses aiming to comprehend the American market.
  • Similarly, Data.gov, the official U.S. government web portal, provides public access to a wide range of datasets on topics from agriculture to finance. Other resources include Medicaid/Medicare and the Bureau of Labor & Statistics.
  • Kaggle, a data science community, allows users to find and publish datasets, build and explore models, and collaborate with a global community.

4. Data privacy laws.

General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), are critical to consider when acquiring data. Make sure to obtain clear consent before collecting personal data, only collect necessary data, implement robust security measures, and be transparent about your data practices. Respecting individuals’ data rights and conducting regular data protection impact assessments can help identify and mitigate privacy risks. In case of a data breach, be prepared to inform those affected and the relevant authorities promptly.

Finally, remember to stay up-to-date on new technology that can help you acquire and analyze data more quickly and accurately. Use machine learning algorithms to detect patterns in large datasets or automate processes for collecting customer feedback. When you leverage these tools, your company can become more efficient in the data acquisition process and get better insights in a shorter amount of time.

Good data can go a long way toward helping you make informed business decisions and setting your company up for success.

Get ahead in your data acquisition journey today.