When it comes to predictive power, companies in a variety of sectors depend on having sufficient data to develop and deploy business analytics applications, for example, to acquire new customers. While there is a vast literature on enriching internal data sets with external data sources, it is still largely unclear whether and how open data can be used to enrich internal data sets to improve business analytics. We choose a particular business analytics problem – designing targeting policies to acquire new customers – to investigate how an internal data set of a German grocery supplier can be enriched with open data to improve targeting policies. Using the enriched data set, we can improve the response rate of several well-established targeting policies by more than 30% in back-testing. Based on these results, we encourage firms and researchers to use, leverage, and share open data to enhance business analytics.
Rößler, Jannik; Tilly, Roman; Faska, Matthias; and Schoder, Detlef, "Sharing is Caring: Using Open Data To Improve Targeting Policies" (2022). ECIS 2022 Research Papers. 143.
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