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Tag: Third-party data

The Dark Side of Big Data

big-data

Every click, like, purchase and search is potentially recorded, analyzed and stored. What impact does this have on our privacy?

What is Big Data? 

“Big Data” is an umbrella phrase used to mean a massive volume of both structured and unstructured data that is so large, it is difficult to process using traditional database and software techniques.

Big Data has the potential to improve operations and make faster, more intelligent decisions. It’s not just companies that are collecting and analyzing these massive stores of data.

  • The healthcare industry is using it to better research cures and treatment options.
  • City planners are using it to build smarter cities that waste less.
  • Environmental organizations are using it to track the progression of climate change.

This data, once captured, formatted, manipulated, stored, and analyzed can help a company or organization gain useful insight to predict behavior, increase revenues, obtain or retain customers and recognize emerging patterns, among others.

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Party time? A Refresher in First, Second and Third Party Data

Advertisers, websites and data brokers are having a ball with your data.

The Breakdown on Your Data

First-party data is the data you give away willingly to websites. Advertisers and publishers can extract and compile data by requiring you to register online and by then analyzing your activity.

Example: your email address, name, pages you like, ads you click, etc.

Third-party data is information that’s collected by an entity that doesn’t have a direct relationship with consumers. This data is normally compiled by specialist firms who pay websites to collect information about their visitors. This data is then used to piece together detailed profiles about users’ tastes and behaviors as they browse the Internet.

Example: an advertising tracker will place a cookie on your browser and see where you go so you see ads for things you want. (Maybe those shoes?)

Second-party data is the newcomer to the scene. It is essentially first-party data that another party obtains directly from the source. This data isn’t given away directly—it usually is obtained through a direct relationship with another entity. Deals can be made between publishers or a Data Management Platform (DMP). Or simply between two parties who could benefit from each other’s first-party data.

Example: a pet store sharing data with a veterinarian, who both have similar clients.

The Wider Scope of Your Data

Collecting and dealing with all that information requires a wide range of different players. Data brokers earn their living by helping advertisers and publishers manage their own first-party data, as well as selling them more data about users.

“Companies stress that they do not know users’ names. But they identify them by numbers, and as they build up detailed profiles about those numbered users, there is concern that the information might be traced to individuals.”

– The Economist

All this data is divided into segments defined by location, device, marital status, income, job, shopping habits, travel plans and many other factors. These segments are then are then auctioned off to buyers of ad space in real time.

While data sharing can lead to products and services that make your life easier, more entertaining, economical or even informational, it is important to be aware of your data. So, whether it’s your first-, second- or third-party data, it is important to understand where your data goes, and how it is used.

Sources

http://www.economist.com/news/special-report/21615871-everything-people-do-online-avidly-followed-advertisers-and-third-party

https://hbr.org/2015/05/customer-data-designing-for-transparency-and-trust

https://www.wired.com/insights/2015/03/internet-things-data-go/

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