The term ‘dark data’ might sound sinister or illegal but it’s neither. Rather, the term refers to the treasure troves of information that many businesses collect but may not fully exploit. It can include call records, user device information, social media data and more.
Many think that making effective use of dark data will become a critical competitive factor in the not-too-distant future. In fact, one study predicts that organisations capable of turning all relevant data into actionable information will earn $430 billion in productivity gains by the year 2020.
Brands that can unearth patterns and powerful insights about their customer base are the ones that will ultimately come out on top.
It’s worth thinking about the term dark data through an alternative lens: infinite return on investment. Dark data – mined and harnessed correctly – can lead to more efficiency, better customer relationships and higher profit margins.