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Business data is widely available in 2024, but unfortunately it is not always used as well. Using artificial intelligence and machine learning leads to better results.
Data has become an integral part of the business world. Organizations use them as part of business intelligence, to explore the market, to select customers, to grow their business.
“But there are also specific needs depending on the sector,” says Steve Deplacie, managing director of data platform openthebox. “Take private bankers: they can use data to uncover networks around their existing customers, but also identify new companies that have a lot of cash on their balance sheets.”
“Insurers mainly use data in the context of risk management and customer segmentation. Accountants are more likely to do this for financial analyses. But they also need accurate and up-to-date data because of the increasingly stringent compliance obligations. And these are just a few examples. Everywhere, there is a need for refreshment when it comes to business data. '
“The way in which companies work with data varies greatly. They rely solely on internal data, and even that is not always checked.” - Steve Deplacie, Managing Director of openthebox
Digital maturity
Deplacie notes that not every organization is equally data-driven. “There is a great diversity in terms of digital maturity. The way in which companies process the available data also varies greatly. Often, they only rely on the data that is available internally. And even if they are sometimes extensive, they are not always used correctly. Because of a lack of knowledge or time, or because people don't understand its importance. '
In any case, organizations would do well to enrich their own data with external information in order to gain broader and better insights. However, consulting various sources yourself requires a lot of effort.
“Especially because they are often not very insightful,” says Deplacie. “In that area, openthebox - with its structural, current and reliable data - can make a difference.”
“openthebox is a fairly new player. We make use of the latest technologies. '
Steve Deplacie, Managing Director of openthebox
Qualitative data
Platforms that draw data from questionable sources or outdated databases are increasingly popping up. As a company, you don't want to work with such erroneous and outdated data.
Data governance is becoming more important than ever, including among its suppliers. After all, strong data starts at the source. A clear definition of your data strategy and a good assessment of suppliers are crucial.
Openthebox gets its public company data from official sources such as the Belgian Official Gazette, the Crossroads Bank for Enterprises and the National Bank of Belgium. Such official government databases guarantee the quality of the information.
Openthebox users also get to see the sources all the time, and can click through them to dig deeper into the data.
“If you want to use data efficiently, you have to keep up with the times: a high-quality and user-friendly platform is a must.”
Steve Deplacie, Managing Director of openthebox
User friendly
Companies must be able to work with such business data without much knowledge and expertise. Easy access to information, a user-friendly interface and visual displays are important assets.
Deplacie: “Complete business information and financial insights are thus at your fingertips. But also key figures and connections, market trends and perspectives, opportunities, concerns and risks. '
It is important that the data platform used is “future-proof”. Young employees are used to certain user experience standards. As an employer, you must therefore keep up with the times when it comes to choosing your software packages.
From data to depth:
Platforms such as Airtable, SaasGrid and Segment have long been creating clarity and comprehensibility in the mountain of data that companies often generate. “However, by using artificial intelligence and machine learning, openthebox can extract insights from all this data in a unique way,” explains Steve Deplacie.
“We are a fairly new player and use the latest technologies. These enable us, for example, to extract information from various official acts that relate to the same company. This makes it easier for us to find structures and connections with other organizations and administrators. '
