It is a well-known fact that the entire SaaS industry revolves around data. Data is what helps in running a business, target the correct audience, and it also elevates the marketing strategies. But have you ever wondered how the companies get the data? The answer is through data acquisition.
What is Data Acquisition?
The process of gathering various data from different relevant sources is referred to as Data Acquisition. Data can be acquired in several structural categories:
What are the Different Types of Data Acquisition?
Application Programming Interface is a set of rules that allow different programs to communicate. A REST API works so that when you search for something, you get a list of results back from the requested search. REST stands for “Representational State Transfer,” and it determines the form the API takes on. It is a particular set of rules that developers follow when they create their API. One of these rules could include getting a collection of data when you link to a specific URL. The Customer needs to configure the API endpoints of their data source. Each URL is known as a request, whereas the data you receive is known as a response.
A CSV is a comma-separated values file that allows data to be saved and stored in a tabular format. CSVs look like a garden-variety spreadsheet, with the only difference being that they bear a .csv extension. These types of files help perform a variety of different business actions. For instance, they help companies export higher volumes of data to a more robust database. Similarly, one can also add or export all their data in CSV format and directly upload it where they want. In addition to this, CSV files are more comfortable to create as they are plain-text files and they can be imported to spreadsheets or any other storage database easily.
A plugin is add-on software to your website or browser that gives them additional functionality. It allows the web browser to display additional content and carry out new functions. Data is implicitly collected from end-users based on their browsing history, click-throughs, search history, and activity.
Importance of Data Acquisition
Once the data has been acquired, it becomes easier for businesses to analyze and formulate corresponding strategies around it. Having data in one place makes it easier to detect any discrepancy and solve it faster. It also decreases human error and improves data security. Moreover, in the longer run, it again proves to be cost-efficient. One of the use cases of Data Acquisition is it helps in building Recommendation System, which is explained in the below image.
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