Every organization collects, stores and retains portions of dark data. It’s the digital equivalent of emotional baggage which hangs around after every user interaction, transaction, and customer engagement.
In fact, not using data effectively is costing United Airlines almost $1 Billion annually in lost revenue.
Gartner Inc. describes dark data as “information assets that organizations collect, process and store in the course of their regular business activity, but fail to use for other purposes.”
For travel companies with a strong online presence, dark data represents a sizable portion of all data stored. Such examples might include:
These data points or features are often overlooked by marketing teams as serving any useful purpose, as there is a perception that this type of information is only collected for compliance, fraud or regulatory requirements.
infographic by lucidworks
How can you turn dark data into active, revenue generating data?
This is where data science, marketing, and business intelligence need to get their heads together to find new ways of activating dark data to provide new opportunities for the organization. While dark data can appear dull and uninteresting on the surface; there are methods to turn it into highly granular, rich customer insights.
Here are a few key steps to get you started on the above examples:
Dark data can be a tremendously powerful weapon when executed. It’s the key to finding new insights, creating new revenue opportunities, developing new partnerships and shifting your business into the data-driven century.