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How Third-Party Data Helps Manufacturers Fuel Innovation & Growth

March 06, 2023 (4 min read)
Manufacturers analyzing big data

Did you know that manufacturing leaders are 2.5 times more likely to put data and technology investments ahead of cost reduction efforts?

There’s a good reason: Making data-driven decisions—supported by artificial intelligence applications—can help manufacturers realize efficiencies that deliver cost savings. But manufacturers need more than internal data to achieve real value. By using third-party data, manufacturers can receive insights and a frame of reference to help understand not just what the data says, but why.

In this article, we’ll review the types of third-party data available for manufacturers and how best to use it to mitigate risk, spark innovation and foster growth. Let’s dive in.

News databases gives context for decision making

News represents a huge body of text data for trend analysis that manufacturers can use to inform decisions and optimize performance across the business. Licensed and open-source news from print, broadcast and web sources worldwide, along with social commentary from industry and thought-leader blogs, can help you take the pulse on a wide range of topics.

Furthermore, incorporating news datasets in your analysis offers important context to complement internal data, allowing you to:

  • Identify emerging consumer trends to inform marketing, sales, or product/service innovation
  • Explore historical news data to better understand the influence of newsworthy events on performance
  • Maintain ongoing competitive intelligence by capturing timely news mentions of key market players to keep your sales team updated

Whether you want to analyze news data to predict potential supply chain disruptions or to keep the pulse of consumers, accessing a collection of enriched news data supports these and a wide range of other needs. 

MORE: What is Unstructured Data?

ESG ratings databases provide environmental, social and governance insights

More than a decade ago, Harvard Business Review wrote that ESG reports were “as rare as penguins in the desert.” Today, it’s a different story.

Environmental, social and governance standards rank high in today’s business environment. That’s where ESG-specific data can help. Rather than hunting across the open web for individual ESG reports, ratings and more, you can take advantage of aggregated ESG ratings based on analysis of hundreds of sources including SRI analysis firms, NGOs, government agencies, news feeds, social networks, nonprofits and publishers. Similarly, ESG news data creates a targeted feed for analysis and insights.

Some key ways to use ESG data are:

By improving visibility into environmental, social and governance factors, manufacturers can implement sustainable business practices that can ultimately help you improve your bottom line.

MORE: Why ESG Risk Should Be the Top of Your Due Diligence Agenda

Company, industry, and market data can enhance business performance

Where does your organization stand in the marketplace?  What’s happening across the industry worldwide? Get answers that give you the big picture or focus in on the most relevant details, including data about the competitive landscape, your markets and industry to incredible value.

Consider the following:  

  • Use company data such as financial statements to identify areas of strength and weaknesses among key competitors or suppliers
  • Gain valuable insights from market data, including competitor activities, market trends and consumer preferences. For instance, market data analysis can help you find the most promising markets for your products
  • Dive deeper into industry data to understand overall manufacturing sector performance, such as product trends, emerging technologies and more to enhance operations

By using company, market and industry data, manufacturers can gain a competitive edge, make informed decisions and improve performance. This information can also help you identify new opportunities for growth and innovation and adapt to changes in the market.

MORE: 6 Ways Corporate Data as a Service Can Improve CRM Hygiene

Regulatory data mitigates risk

The regulatory landscape in manufacturing is constantly evolving. For example, the rising interest in ESG extends to regulators around the world, and a growing number of new or proposed disclosure rules require organizations to disclose climate and social impacts—even in relation to non-controlled ventures. Plus, there’s the “G” or governance factor to consider.

Because of this, you need access to a wide range of data to:  

In addition to protecting your organization from compliance shortcomings, you can also reduce potential reputational risks that accompany governance failures or a non-compliant third party you associate with.

Patent databases inspire and direct innovation

Enable analysis of patents across your industry with data gathered from 100+ patent authorities around the world. Using a patent database can help you in numerous ways, including:

  • Analyze patents data to identify emerging trends in the market and stay ahead of competitors
  • Explore the types of patents being filed within your industry to identify areas of innovation and potential growth
  • Identify new technologies and innovations in other industries that could enhance your own products and inspire new products that meet the changing needs of the market

By analyzing patents data, manufacturers make informed decisions about research and development, marketing, and strategic planning.

Easily find manufacturing data in one spot

As there are many types of third-party data that can benefit manufacturers, it can be overwhelming to keep track of many different sources. Fortunately, with Nexis, you can get access to top-quality data in one place, so you can spend less time searching and more time innovating.

Ready to explore these data types?  Talk to us about Nexis® Data+ to see what’s possible.