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Businesses and organisations are continuously finding ways to get information for them to make better decisions and be more profitable. But finding valuable data is challenging, so many companies use web scraping to get more alternative data.
According to Andy Thompson of bloggersideas, web scraping is a practice that has been around for many years but has become popular in recent years. It is the process of collecting specific public data from many websites and compiling it for evaluation and decision-making by businesses.
Web scraping is a potent tool that can be used depending on the user and the data captured. It can be used for lead generation, pricing intelligence, financial data aggregation and more.
However, only some businesses utilise it due to misconceptions surrounding it. In a recent survey conducted by Oxylabs, many companies do not want to use web scraping due to its potential legal implications.
According to Oxylabs’ Head of Legal, Denas Grybauskas, “It has been very tricky to overcome the perception that behind every data point lies a legal risk, particularly regarding web scraping. Even though organisations should always consult with legal professionals, there are best practices within the industry that, when followed, minimise most risks associated with data collection. These results indicate a need to increase our efforts and educate the industry about the legal aspects of web scraping.”
But despite this, Tomas Montvilas, chief commercial officer at Oxylabs, believes that web scraping, and the alternative data it uncovers, will grow in the next few years. “As many economies are predicted to face recession, investment decisions need to be tighter and less risky. Collecting alternative financial data will be key in getting the necessary signals to make these predictions.”
Montvilas added that web scraping would be used in generative AI, which will help businesses make better business judgement. Another area where Montvilas believes web scraping and alternative data may be utilised is in the cybersecurity industry. “Hence, use cases like proactive threat hunting and monitoring that require continuous large-scale web monitoring will become more common,” he added.
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