The UK B2B data industry has undergone significant changes in recent years, particularly in response to the General Data Protection Regulation (GDPR) and other data-related legislation. In addition, there has been a renewed focus on data accuracy and refresh speed, all of which are aimed at improving the customer experience.
GDPR, which was introduced in May 2018, has had a significant impact on the B2B data industry in the UK. The regulation sets out strict rules regarding how businesses can collect, store and use customer data. These rules have forced many companies to re-evaluate their data collection and storage practices and to implement stricter data controls.
One of the key changes resulting from GDPR is a renewed focus on data accuracy. The regulation requires businesses to ensure that the personal data they collect and process is accurate, up-to-date and relevant. This has led to a greater emphasis on data cleansing and data validation services, which help businesses to ensure that their data is accurate and reliable.
Another important change in the B2B data industry is the increasing emphasis on data refresh speed. With businesses relying more heavily on data to inform their decision-making, it is essential that the data they use is up-to-date and relevant. The traditional c.12-18 month supplier refresh cycles is no longer acceptable for data purchasers.
The focus on data accuracy and refresh speed is not just about complying with legislation. It is also about improving the customer experience. By using accurate and up-to-date data, businesses can provide more personalized and targeted marketing and sales campaigns, which are more likely to resonate with customers. Using our patent pending technology, Go Live Data revalidates the entire data-universe a maximum of every 30 days.
There have also been developments in the B2B data industry relating to data analytics and artificial intelligence (AI). These technologies enable businesses to gain deeper insights into customer behaviour and preferences, which can be used to inform marketing and sales strategies.
Looking to the future, B2B data purchasers are looking for ever more niche data sets and the mantra of the next decade will almost certainly be that “less is more”.
It is clear that the B2B data industry will continue to evolve and change. New legislation, such as the UK Data Protection Bill, which is currently making its way through Parliament, is likely to have further implications for the industry.
Overall, the recent changes in the UK B2B data industry have been driven by a desire to improve data accuracy, refresh speed and customer experience. As the industry continues to evolve, businesses will need to stay abreast of these changes and embrace new technologies and practices to remain competitive.
