Utilize Data As An Asset With Web Scraping

Hannah Benson
February 26, 2021
Community

data as an asset

Trailblazing companies utilize data to get ahead in a competitive marketplace. Old fashioned businesses slowly incorporate data while innovative ones are more built around it. Data provides organizations with valuable insights that help lead to more informed decision-making, organizational growth, and increased profit.

Because of all these advantages data provides, it is important to view data as an asset that requires thoughtful management. Once you harness data properly, you will start to see positive shifts in your organization. Web scraping, the automatic extraction of data from web pages, is essential for helping you collect, manage, and analyze data assets. With both web scraping and data knowledge in your business toolbox, you can start working towards your goals.

If you understand how data is an asset, then use the table of contents to discover how web scraping can help you make the most of this asset.

Table of Contents

Data as an Asset: Vital Insights

data as an asset

Data is an asset that any organization must understand how to utilize to the fullest extent. An asset is a valuable or useful thing, person, or quality. Primarily, data is an asset because it introduces insights and observable truths to your team. These insights generate actionable steps to improve your business operations, your client-company relationships, and learn about the community you’re working within. Making data-driven decisions helps your organization adapt to a constantly changing world and marketplace.

The data asset definition is a system, application, or output file that companies use to generate revenue. Larger organizations must manage their data systems just as they do for any other asset such as goods, real estate, or intellectual property.

Analyzing Data Assets

data assets analysis

In order to make use of data assets, you need to properly manage and analyze your data. Web scraping is the extraction of information from web pages that can help you create a well of data resources. It can be done manually, but web scraping tools are quick and automatic. Once the data is collected, it is then easier to manage and share with your team. Scraping is an essential skill for anyone that wants to use data to their advantage. Because scraping does so much of the collection work for you, your team is given more freedom to tap into data insights that help you make smarter decisions.

Larger organizations might even hire a chief data officer to help manage data assets. But even with someone in charge, scraping is useful for supplementing internally generated data. For smaller businesses who can’t dedicate an entire team to managing data, web scraping is your go-to tool.

Data Asset Benefits

data asset definition benefits

There are many organizational benefits to properly managing and utilizing data assets. Below are just a few examples.

Product and service development

Data provides insight into each step of your process, from creating a product to shipping it. Within this workflow, there are many things that can go wrong. By using data to analyze each aspect of your process, you can discover which specific problems need to be fixed. Data’s specificity is its advantage. Instead of simply knowing that profit is down, you can pinpoint which aspect of the process is costing too much and make smart, data-informed changes that help your organization grow.

With web scraping, you can easily collect customer sentiment data from online comment sections. Customers are good at highlighting problems that happen during the shipping of a product or the experience of a service. Scraping your organization’s costs is also useful for identifying which parts of the process you’re paying too much for and what you aren’t investing in enough.

Make informed decisions

One of the biggest benefits of properly using data is the ability to make informed decisions. While this can be as simple as where to cut costs, it can also be as complicated as brainstorming themes for your next ad campaign. Data is valuable and important because there is relevant data for almost every organizational problem you are trying to solve. Of course, data should not be your sole decision-making tool, but it is a solid foundation to build upon.

For smaller businesses just getting started, web scraping is essential because it is easy to use and affordable unlike creating your own data department. So much demographic data, consumer data, and more can be found online. Scraping data to define your target audience or pick the perfect location is proof that data is for both day 1 decisions and defining new goals.

Secure client data

Security breaches are becoming more common each year. Large data breaches put both organizational and consumer privacy at risk. Naturally, a large part of trusting a company now includes trusting them with your information.

Seeing data as an enterprise asset means it should be protected like money or any other organizational property. Hackers will attempt to steal data because the information is valuable and sellable to outside parties. It is important to note that vulnerable data includes both data you use and don’t use but have access to.

Properly managing data ensures organizational security and helps build consumer confidence. If people can trust you to keep data secure, then customers will be more likely to trust you with valuable data in the future which adds to what you already have. Web scraping helps ensure that you are ethically collecting data by respecting security laws.

Web Scraping and Data Assets

scraping data assets

Web scraping is an important skill for those looking to collect and manage their data assets. Below are ways that Scraping Robot helps you access valuable data worth managing.

Pricing

Lots of businesses focus on the price of their product before anything else since consumers love a low price. Scraping price data on both yourself and your competitors provide valuable insights that help you find the perfect price.

Since an asset is something that helps an organization generate revenue, pricing data is important to collect if you want to make a profit.

Sentiment data

Customer sentiment data helps you understand the mindset of consumers relating to almost any topic. You can gauge customer sentiment through scraping social media for comments about your specific product or current issues. In the age of eCommerce, customer reviews are extremely useful for making informed decisions about how to improve product design or your production process itself.

Of course, you can sit in front of your laptop and endlessly read reviews, but scraping helps you organize review data in a way that makes patterns in customer sentiment visible. Since this data is more personal, you must manage sentiment data well to ensure user privacy.

Custom scraping solution

In addition to scraping modules, Scraping Robot offers custom scraping solutions. When you build a custom scraping solution, our team helps meet your unique data needs. Custom solutions allow you to scrape by the millions or billions for less per scrape. Importantly, the Scraping Robot team helps you manage and secure all your data, therefore you won’t have to worry about breaches or unethical data collection. Working with your team ensures you and your customers’ privacy. As I mentioned, properly managing a data asset as you would any financial asset is what makes it useful and secure. If this is the right solution for you, check out our process page.

Conclusion

data as an asset

Each year, the importance of using data within an organization becomes more important and normalized. Data is an asset that needs proper management and is part of being a responsible business owner that protects company information as well as consumer data. Having access to data helps you make informed decisions, respect privacy, and create the best product possible. For organizations unable to manage data assets in house, web scraping is the perfect tool for ethically extracting data and organizing it in a shareable way with your whole team. Once you recognize data as an asset worth just as much as financial or property assets, your mindset and decisions will become more data informed and therefore more in step with modernity.

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