The UK B2B data market has undergone significant transformations recently, mostly in response to the General Data Protection Regulation (GDPR) and other data-related laws. The GDPR, which came into force in May 2018, has had a substantial impact on the sector by introducing stringent regulations regarding how businesses can gather, store and use customer data. As a result, companies have had to re-evaluate their data collection and storage approaches and implement more stringent data controls.
Moreover, GDPR has brought about a renewed emphasis on data accuracy, which necessitates businesses to ensure that the personal data they collect and process is relevant, accurate and up-to-date. This renewed focus has triggered a greater emphasis on data cleansing and validation services to ensure that the data is trustworthy and dependable.
Another important change in the B2B data industry is the increasing emphasis on data refresh speed. As businesses rely more on data in decision-making, it is critical that they use up-to-date and appropriate data. The traditional supplier refresh cycle of approximately 12-18 months is no longer acceptable for data purchasers. By using accurate, up-to-date data, businesses can provide personalized and targeted marketing and sales campaigns that are more likely to resonate with customers. Go Live Data’s patent-pending technology allows refreshing the entire data universe at the maximum of every 30 days to ensure accuracy and up-to-date information.
In addition to compliance with regulations, data accuracy and refresh rate improvements aid in improving the customer experience. Furthermore, data analytics and artificial intelligence (AI) advancements have resulted in a more sophisticated understanding of customer behavior and preferences, which can be used to inform marketing and sales strategies.
Looking forward, B2B data purchasers seek increasingly niche data sets, and the slogan of the next decade may be “less is more.” The B2B data market is expected to continue evolving and changing, with new legislation like the UK Data Protection Bill, presently working its way through Parliament, impacting the sector. As the industry adapts, businesses must keep up with new technologies and practices to stay competitive.