For a long time, since the beginning of the 21st century, innovation has been an essential factor to business success all around the globe. While the innovations space is being explored massively, the ones adopting a data-driven innovation strategy manage to stay ahead of the curve. Innovation, no longer, is confined to the white boxes and the product it contains. Innovation in outreach, positioning and strategy is gaining importance as a concept within success spheres.
Getting to the competitive backdrop in the marketplace, the competition is fierce than ever and things are going to just get intense as new businesses sprout in every nook and cranny of the products and service industry. The key lies in using data-intelligence to stay ahead of the curve.
Now that we’ve established the significance of data-driven innovation and information-based strategy, the real question lies in how can a business really acquire and leverage this data intelligence.
Market surveillance
The smart entrepreneur never operates in isolation. He is cognizant of the market and the moves made by all his industry peers. An insight into their strategy and placements prepares an entrepreneur to one-up against them.
Availing web scraping and data extraction services makes life simpler for all those success-drivers who are on a constant lookout to identify opportunities and push the organization to higher ranks in the league.
Web extraction and web scraping as a service ensures that one is well-informed about various market moves including knowing the when, what and where of new products and services being offered. Web extraction allows for a daily update on what’s happening in one’s business space and what are the incumbents up to. After all, everyone is fighting for market dominance, it only helps to see what the others are doing to get that and introspect if one’s strategy needs to be redesigned and reformulated.
Price positioning
Amazon is the buzzword among the consumer fraternity mainly because of its dynamic pricing strategy. Amazon strives to offer the lowest price as compared to other distributors and aggregators while striking the right pulse with the consumer. This is very possible due to constant market surveillance and dynamic strategizing on the pricing front.
Leveraging web extracted and web-scraped data can bring almost any business to the front row. At the end, for a consumer, attractive price and quality is the hook. Now, this brings us to the most dreaded question – is the cost of data going to outsize the benefits it entails? No longer. While the biggies like amazon may spend millions on getting their data right, it is just a matter of scale. With service providers like Botscraper, data extraction and web scraping services are affordable than ever. You don’t need big data to succeed, it’s more about having the right data.
Product Intelligence
Kodak paid a huge price for ignoring product intelligence. While Kodak was enjoying the peak of its business and dominance over the photographs, camera and memories space, the advent of the camera phones as an industry caught Kodak like a reindeer in headlights. If Kodak was observant about its product and the impact of the budding camera phone industry, it would still have time to redesign and reposition its product and continue to at least retain a large fraction of its market share, if not more.
Nokia and android. The same story happened when Nokia failed to recognize the exponential adoption curve Android was positioned to get.
While these are failure stories almost every management student gets to learn, there is very little we do to avoid this with our enterprise. Being well-informed defines half the success you can expect. Web extraction, data extraction and web scraping services are quintessential for gaining insights into the market and ensuring that your product/service stays relevant and you continue to expand your market share without the fear of being obsolete
These are a few reasons why data-driven innovation is more significant than ever in today’s marketplace.