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External data

Last updated August 21, 2023

What is external data?

Data coming from outside the company is called external data. Possible sources of external data include government sources, social networks, public data, and more.

What are the benefits of using external data?

  • Provide a deeper understanding of market trends, customer behavior, and emerging patterns.
  • Offer real-time insights into consumer sentiment and preferences. Real-time information allows for proactive decision-making and agile responses to changing market conditions.
  • Can account for economic fluctuations, population shifts, and cultural influences by encompassing macroeconomic indicators.