The Value of Shopping at the Data Marketplaces

Our worldview depends on the data that we have at hand. Different data worlds might lead to different conclusions about what we should believe and do. Therefore, it is very important to understand which types of data we need to look at when trying to figure something out. But we can only do this by always having access to lots of various data. This raises the value of data shopping for businesses and the data marketplaces set up for this purpose.

The endless universe of data worlds

When we say that we need to look at the data to determine something, we often mean some particular class of data. This class of data is chosen based on who we are and what are our purposes.

Types and subtypes of data form their own data worlds that in turn shape our realities. For example, in business, various data points become business data as it is viewed in relation to the business-relevant procedures and analyses. Meanwhile, the same type of data in social sciences might be viewed as scientific data, meant at establishing, confirming, and disproving theories and advancing our scientific worldview.

These multiple data worlds can be further divided by the types of data that we have. For example, we can have numerical or qualitative data. And the numerical data can further be divided into measurement data, for example, temperature degrees, accounting data, which counts the number of objects, and many other types.

This endless universe of data worlds is much like our physical universe where each atom is its own mini-world. This brings us to the never-ending demand for various kinds of data, describing small and big events and objects relevant to our business decisions.

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The value that marketplaces bring

Where there is demand, supply is bound to come whenever possible. As there is no way for any company to gather all the data it might it on its own, we often need to turn to third parties.

A convenient way to get a perspective of something from previously unvisited data worlds is to go to a data marketplace and find it. Such marketplace is a universe in itself, where people can buy, sell, explore, and share various data worlds. This universe connects various businesses and data providers that have generated or otherwise acquired data and allows to monetize it.

From a buyer’s perspective, data marketplaces are beneficial for multiple reasons. Firstly, this is where your data needs might be satisfied when you are unable to get the necessary information on your own. Secondly, such marketplaces are safe and secure platforms where exchange can take place without the fear of being scammed or not getting what you have paid for.

Furthermore, when data is sold in these marketplaces, it has usually been cleaned and structured beforehand. Vendors want to build a good reputation; thus they work to ensure the highest possible quality of their products.

Finally, data marketplaces provide various features, like APIs and other searching tools that help you find the kind of information you are looking for. This makes it exploring the data worlds all the easier and even fun.

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Waste no data

As a final thought on the data marketplaces, we should consider the importance of not wasting the data that we generate or happen to possess. One man’s garbage is another man’s treasure. Your datasets might be the new data worlds that someone else desperately needs. And you might be the one who can utilize some datasets that others do not need. Thus, whether buying or selling data, it is worthwhile diving into these dataverses of value known as data marketplaces.

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