Jim Dyer, Chief Commercial Officer of OAG recently led a group of experts brought together by Inflexion in a discussion around scaling information services. Here are some of the key points for businesses looking to scale.
For information services businesses, markets with volatility can be lucrative because complexity creates a need for the clarity data can provide. “While all industries can play with information, there are niches within industries where data plays a more fundamental role, so it’s useful to go a bit deeper and look for problems that are ‘relevant’ to enable you to create a ‘unique’ and ‘hard to copy’ dataset,” Jim explains.
Try not to think about industries within silos: Identifying common problems where the same data may be the answer to many industries or sectors can form a great ‘to the many’ strategy,” he says, “If the data is relevant to many use cases and in many sectors, you gain real potential to scale.”
Understanding the value and quality of your data is very important: “At OAG we know that there is a huge demand for data in the travel industry, with abundant data around for many years. But the data doesn’t all have the same value, nor is it all equal. This means quality – whether accuracy, completeness or freshness – is vital.”
Also key is pairing high-quality data with the right technology. Kynetec’s acquisition of Neil Clark & Associates improved its technology offering by enabling it to offer deeper insights to clients, while OAG’s Metis platform allows the firm’s customers to retrieve fresh, complete, and accurate joined-up data in an accessible and flexible way. “It’s clear that data and technology can come together to deliver strongly on a great commercial strategy,” Jim concludes.