Unlock the power of procurementAre you tired of searching through countless datasets unable to find the one that perfectly fits your needs? With a buy order, you can now define your data requirements and watch as data producers offer their datasets to fulfill your specific needs.A buy order is a tender created by a data consumer that requests a given price per row. Different data producers or brokers offer actual datasets to the buy order, these datasets will have different attributes, such as columns and column names, nulls per column, sampling methods to verify data integrity.The owner of the buy order can maintain a buy order active as long as they wish. Once they find a dataset that fits their needs, they can execute the buy order.At any point you may cancel a buy order if:
You are not receiving offers.
You are being told that the price per row you've chosen is incongruent with the market price.
You are no longer interested in the specifications of the buy order.
Keep in mind that cancelling a buy order once a data producer has started to work on the dataset for the offer can be gruesome. To mitigate this, LN will create a quality metric attributed to your user so data producers can know your cancelling habits.The following steps are criteria we recommend considering when starting a bid, but feel free to skip ahead to the step you are most interested in:Decide the price of the dataIf there are no other datasets available in the market and reaching out to data brokers is not an option for obtaining a reference, determining the starting price for a dataset can be challenging.In such a scenario, one approach to estimate the price per row for a dataset would be to perform a cost-benefit analysis.Summary
Analyze the potential uses and value of the data to your business.
Calculate the cost of obtaining, cleaning, and using the data.
Determine the potential profits that can be generated from using the data.
Compare the cost and potential profits to determine a reasonable price per row for the dataset.
Step-by-step guide1. Identify the potential uses of the data. This could include identifying the business problems that the data could solve, the insights it could provide, and the decisions it could inform.2. Assess the cost of obtaining, cleaning, and using the data. This could include factors such as the time and resources required for data acquisition, data preparation, and analysis.3. Determine the potential profits that can be generated from using the data. This could include increased sales, cost savings, or improved decision-making.4. Compare the cost and potential profits to determine a reasonable price per row for the dataset. Consider factors such as the size of the dataset, the quality of the data, and the potential impact on your business.5. Use this information to determine a price per row that is both fair to the data producer and reasonable for your business.This approach can provide a framework for making an informed decision about the price per row to offer when creating a buy order. However, it is important to keep in mind that you may need to modify this price based on the market response.Create the buy orderThe buy order should be seen as a tender. This is why our UX is designed to guide you through the key attributes this tender should possess in order to have data producers offer a dataset that fully meets your requirements.
