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Theme that emerged this week is … alternative data space continues to grow and firms are getting more sophisticated in how they build teams to extract value from data.
“Nearly 80 percent of current users plan to increase their 2023 budgets for alternative data. Almost half of those respondents project an increase between 26 percent and 50 percent, and one in five projects an increase of up to 75 percent.”
Lowenstein Sandler’s Alternative Data Report
News Articles
Podcasts
Cool Charts
Final Thoughts (Big Data by the Numbers)
Appendix
#1 – Lowenstein Sandler published their 2022 Alternative Data Report titled Alternative Data:: The New Oil for the Digital Economy?. November 2022.
My Take: This is a great annual update. 25-slide deck linked above. Most interesting to me was that 65 percent of HFs say they use alternative data, compared with 29 percent of private equity respondents and only 11 percent of venture capital respondents. 52 percent cited consumer transactions as their primary source, but this is down from the 2021 survey, in which 64 percent of respondents cited consumer transactions as their primary source (full disclosure: 90 West sells transaction data). 80% of current alternative data users plan to increase their alternative data budgets in 2023.
#2 – Mikkel Dengsoe published The important purple people outside the data team. November 2022.
My Take: The focus is on domain expertise. Adding people who understand the business to the data team is a win-win. Use data to solve real problems. This is easier with a strong understanding of the business.
#3 – Airops published How to increase the ROI of your data stack. November 2022.
My Take: Data Stack ROI = Value / Cost. You can increase the numerator or decrease the denominator. The article lists a few levers:
Improve data accuracy and increase trust
Build analytics products that generate direct business value
Improve adoption and usage of data products.
Increase the leverage of your data team
Optimize your data warehouse’s storage and compute
Replace, bundle, and eliminate tools
BONUS: Central Banking published Alternative data used at most central banks. November 2022.
BONUS 2: Abhishek Kumar Srivastava published in Entrepreneur Magazine Can We Trust Artificial Intelligence Models That Are Trained With Synthetic Data?. November 2022. My take: I continue to think value will accrue to data owners over time.
#1 – Auren Hoffman of SafeGraph interviews Richard Barlow of Wejo, a publicly traded company that collects and analyzes connected vehicle data.
My Take: I’m a big fan of the self-driving car initiative. In 100-years we’ll look back on today and think how crazy it is that we let humans drive cars (teenagers too!). Once operational, self-driving cars will save thousands of lives each year. I really like Richard’s idea: the lack of standards is the opportunity. Creating these standards, collecting the data, & putting the data in a standard format is a huge benefit. This works particularly well when you only have a handful of protective clients (the big auto companies).
Highlights (22-minute run time):
Minute 01:00 – Wejo background
Minute 03:00 – lack of standards is the opportunity; OEMs are the partners
Minute 05:00 – Tesla comparison
Minute 06:00 – difficulties of starting a data co-op (it took 4 years to get tractions with OEMs)
Minute 08:00 – sample use cases
Minute 12:00 – who controls the data (The car company or Apple)
Minute 14:30 – evolution of regulation
Minute 16:00 – advice for building a data company; importance of demonstrating use case
Minute 18:00 – why is self-driving taking so long? Need to share data!
Minute 20:00 – Thoughts on the usefulness of college
Source: State of AI Report 2022
114 slides of fun!
Some highlights.
Slide 29 – change is accelerating (tough chart to see, but … “doubling every 10 months”….wow!)
Slide 48 – the Chinese are spending a lot of time & energy on AI
Slide 75 – Robotics is a big deal with AI
Slide 89 – the great reshoring:
Source: 25+ Impressive Big Data Statistics for 2022. November 2022.
I love a good list.
This is a list of 30 statistics … not sure why they said 25+ rather than just say 30(?).
Conclusion
Big Data is and will continue to be a force to be reckoned with in this digital age. Big brands and industry experts know this. Business leaders who tap into its many benefits will remain ahead of their competitors in the long run.
Most interesting to me:
#14 – 70% of companies will switch to wide & small data by 2025
My opinion: targeted insightful data might be better than massive amount of random data (get the right data from the question you are trying to answer)
#29 - The Ratio Between Unique & Replicated Dat will be 10:1 in 2024.
My opinion: Good, unique data, that you own, will become more valuable.