Open Password – Friday April 23, 2021
#913
Steep templates for corporate success – Emmet Kilduff – Eagle Alpha – External Data – Decision Making – Connecting Traditional and Non-traditional Data – Data Solutions – JP Morgan – Data Companies – Data Volume – Mining External Data – Adena Friedman – Nasdaq – Fact Set – Philip Snow – Deloitte – Use Cases – Customer Insights – Competitive Intelligence – Product Development – Supply Chain Management – Macro Environment – Human Resources – Acquisitions – Investor Relations – Intellectual Work – Dematerialization of Texts – Explosion of Non-Professional Writing – Unwritten Texts – Johannes Franzen – Text and money – attention economy – newspaper and magazine crisis – advertising budgets – culturally critical hand-wringing – paid content – professional and non-professional text production – genius aesthetics – cultural journalism essays – New Yorker – London Review of Books – ZB MED – certification course in research data management – TH Cologne – state initiative Research data management – Birte Lindstädt – Konrad Förstner – Mirjamm Blümm – Institute for Information Science and Advanced Media Institute – Blended Learning – Seedtag – Contextual Advertising – recognified – IFA – Reuters – Zoom BuyShares.com
1.
Cover story: Steep template keynote Emmet Kilduff: How Innovative Corporate Use External Data to Enhance Decision Making
2.
Thinking outside the box: With the dematerialization of texts and the explosion of non-professional writing, is the value of intellectual work less valued? – Of texts that were not written but that we should have had
3.
E.g. MED – Seedag – IFA – Reuters – Zoom
Steep templates for corporate success
Keynote by Emmet Kilduff, Founder and CEO of Eagle Alpha
How Innovative Corporate Use External Data
to Enhance Decision Making
Emmet Kilduff
About Eagle Alpha. Eagle Alpha provides data solutions to the buyside, private equity, corporates and data companies whose source of revenue is data monetization.
Established in 2012, Eagle Alpha was one of the first companies to recognize the value of data (non-traditional data). Now Eagle Alpha is the pioneer connecting the universe of data (both non-traditional and traditional). Its clients view Eagle Alpha as a strategic data partner trusted with relationships on both sides of the marketplace. The firm’s data solutions are used by data buyers (buyside firms, private equity and corporates) to make data-driven investment and business decisions and data vendors to gain access to qualified buyers of data.
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The External Data Revolution
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The first major technological shift forward was the Agricultural Revolution (1775 – 1800). Next, in the Industrial Revolution of the late eighteenth and early nineteenth centuries, economic productivity doubled in about 150–200 years (1800 – 1960). Productivity skyrocketed in the Computer Revolution, with a three-fold gain in the half century starting in the 1960s (1950-2010). Now the world may be entering a period of even more rapid productivity gains thanks to the remarkable power which can be gained from data 2010 /2010 – Beyond). According to JP Morgan the data revolution is being driven by (1) developments in computing, eg the cloud and cheap memory), (2) advances in methods of analysis, eg machine learning, artificial intelligence and deep learning; (3) new datasets (data companies and “exhaust” data).
External Data. External data is any data generated from outside an organization. There are already thousands of external datasets that are relevant to corporates. External datasets include categories such as social media, satellite, consumer transactions, geo-location and employment. These datasets are from two primary sources: data companies that are set up to monetize data, and companies that have ‘exhaust’ data to monetize.
Data Volume. The volume of data being created, shared, and stored is increasing at an exponential pace. According to JP Morgan’s 2017 paper on Big Data and AI Strategies, «with the amount of published information and collected data rising exponentially, it is now estimated that 90% of the data in the world has been created in the past two years alone» .
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Mining external data for insights is increasingly important.
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Only relying on internally generated information can leave gaps. Many syndicated data providers can be an excellent and reliable source of this standardized content to enrich, augment, enhance and even outsource internal data governance efforts. This can include basic company data for business relationships (customer, vendor, partner and prospects), but there are opportunities across other domains such as brand, location and media. Structured content works harder than unstructured content and as Taylor mentioned, “a big benefit of these external sources is they can provide corporations with a well-governed and objective structural framework for entries, hierarchies, segments and geographies.”
As Adena Friedman, CEO of Nasdaq, noted in February 2019: “I think corporates can use it for competitive analysis. They could use it for researching the next thing that they want to try to build or create. They could understand foundational drivers in the economy to understand how much R&D they should be putting behind new things. For example, alternative data sets could provide insights for clothing companies considering what direction to take their fashion line, or the next type of sauce a big food company should put money behind research.”
External datasets can be leveraged by several departments within corporates to improve business outcomes.
Corporates refer to alternative data as external data and together with internal data it is an essential element in quality decision-making for various departments. Companies that use more internal and external data sources possess a greater range of inputs and analysis for decision making, leading to improved results. Corporates will be the largest buyers of external data which was emphasized by FactSet’s Chief Executive Philip Snow in an October 2019 Financial Times article when he stated their “fastest growing segment is corporates, business development and investor relations”.
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External Data Uses and Relevant External Data.
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According to Deloitte, external data sources are helping businesses personalize marketing offers, improve HR decisions, gain new revenue streams by launching new products or services, enhance risk visibility and mitigation, and better anticipate shifts in demand for their products and services.
External data uses
Examples of relevant external data
A credit union personalized marketing offers for members based on customer profiles developed with the aid of external data
- Traditional consumer demographic data – age, gender, address, etc.
- Social media data
- Geolocation data
A digital media company uses external data to better predict and improve employee retention rates
- Postings from job websites
- Government economic and labor
sources
- Social media data
A logistics company uses external data to predict disruptions to clients’ supply chains
- Social media data
- Online news postings
- Data from suppliers
An agricultural giant launched a new service to help farmers predict and optimize crop yields
- Geolocation data
- Weather data
- Internet of Things (IoT) data
A grocer uses external data to improve demand forecasting and reduce stockouts
- Weather data
- Data from suppliers
- Economic data and forecasts
Source: Deloitte
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Corporate Departments: Purposes and Use Cases
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The use cases for external data in the corporate space are endless and often unique to each business, industry or corporate department. For example, insights can be obtained regarding competitive intelligence, manufacturing, revenue, customers, people, mobile strategy and R&D.
Departments that rely purely on internal data are reactionary in nature, as internal data is lagged. Utilizing external data to mine insights gives corporate departments the ability to detect changes to market conditions in real-time. Jorn Lyseggen, in his book Outside Insight, outlines how external data will change decision-making in three key ways: (1) it adds forward-looking insights, (2) decisions happen in real-time, and (3) companies measure progress and plan for the future by benchmarking against their competitors.
The table below outlines the types of external data that can be used by corporate departments and the insights that can be gained.
Figure 5: Example Use Cases By Corporate Departments
Purpose
Relevant department
Example Categories And Use Cases
Customer Insights
marketing
- Social media data – analysis of brand perception.
- Online search data – analysis into customer
behavior.
Market/Competitive Intelligence
Product, Sales
- Satellite – analysis activity at a competitor
manufacturing plant.
- Web crawling – crawl competitor websites for
pricing data.
Product Development
Product
- Patent data – how much should we invest
in R&D?
- Geo-location data – where should we launch
new stores?
Supply chain management
Procurement
- Shipping data – monitor output of supplier using
HS (Harmonized Shipping) codes.
- Credit data – track account receivables from
supplier.
Macro Environment
Board, Finance/Treasury
- Shipping data – insights into FX by analyzing
shipping between countries.
- Credit data – track credit levels by sector, state
and country.
People Insights
Human Resources
- Employment data – Natural Language Processing
(NLP) analysis of employee comments.
- Employment data – analysis of employment and hiring trends at competitors.
Acquisitions
Board / M&A team
- Web traffic data – track visitors to’order page’ of
e-commerce site.
- Employment data – analyze sentiment of staff at
target.
See What Investors See
Investor relations
- Consumer transaction data – understand revenue
predictions.
- Pricing data – insights into price points and
trends.
As of February 1st, 2020, there were 1,200 datasets in our database that were spread across 28 categories: 24 non-traditional data categories and 2 traditional categories. We forecast there being 5,000 datasets by the end of 2024, which several of our clients believe is conservative. US-based datasets represent 55% of the database, with the remainder split between EMEA and APAC. Considerable growth in China has been seen of late, with approximately 200 datasets from China-based vendors alone.
Next Part: Case Studies
Outside the box (41)
With the dematerialization of texts and the explosion of non-professional writing, is the value of intellectual work less valued?
Of texts that weren’t written
but that we should have had
Johannes Franzen, Text and Money – About the value of intellectual work in the digital society, in: www.54books.de . The newspaper and magazine crisis may have started in 2005, when Craig Newmark invited people to book online ads in San Francisco. An ad that would have cost between $672 and $954 in the New York Times was now available on Craig’s List for $25. After that, within a few years, the text media lost their most important source of income, and today the advertising budget of large companies goes primarily to Google and Facebook. Even today, there is often a lack of awareness that we already lived in an “attention economy”: “The sale of attention paid the editors and authors’ rent. Texts, the production of which is often very expensive and labor-intensive, were so inexpensive because the advertising industry covered a large part of these costs. So if a newspaper reader angrily threatened to cancel his subscription, that was only indirectly threatening to the newspaper because it meant it was less attractive to advertisers.”
The crisis in the text media was responded to with panic and culturally critical hand-wringing. Instead, it would be necessary to reflect on the role of readers in the text media system, who “now have to pay in full for the texts they want to read”. However, readers are largely unwilling to spend money on digital texts, so paid content models have failed, with few exceptions. With digitalization, intellectual work has also lost value in the public consciousness. Does this have to do with the fact that it is becoming increasingly difficult to hold a text in your hand as printed paper? Added to this is the explosion of non-professional writing, here understood as writing for which one is not paid. “Precisely because non-professional text production is often of such high quality, this can lead to a misunderstanding about the value of professional texts. However, this misunderstanding means that getting paid for text work itself is in crisis.”
Franzen criticizes: “If a text is sloppily thought out or poorly written, then we automatically blame it on the author.” Perhaps the text is the way it is because the author had to write a lot in order to earn a sufficient income get? It would be necessary to examine the production conditions under which texts are created and to clarify the structural requirements for high quality. In contrast to the German “genius aesthetic, which assumes that a good text simply flows into the keyboard in a very short time,” Franzen comes to an actually obvious conclusion: “The more time you have to think and formulate, the better it will be Text.»
The author points out that “there is no culture in the German-speaking world of long cultural journalistic essays comparable to that found in the New Yorker or London Review of Books.” This is because “there is no financial infrastructure that makes it even remotely plausible for authors to invest the months of work such a text requires.” This leads to the question of how many texts remain unwritten that we should have had.
E.g. MED
Research data management certification course
(ZB MED) Together with the Center for Library and Information Science Continuing Education – ZBIW, the TH Cologne and the State Initiative for Research Data Management (fdm.nrw), ZB MED designed and organized the research data management certificate course. It is aimed at employees from science-related infrastructure areas such as university libraries, computer centers and active research. Registrations are possible until May 3rd. The technical management lies with fdm.nrw and password author Birte Lindstädt from ZB MED, the scientific management lies with Prof. Dr. Konrad Förstner (ZB MED) and Prof. Dr. Mirjam Blümm (Institute for Information Science and Advanced Media Institute).
The certificate course covers the various areas of research data management. The thematic spectrum ranges from the research data life cycle, specific data types and research processes in different subject areas, open science, consulting approaches, research project management, technical infrastructure and metadata to sustainable data management and relevant legal aspects.
The ten-month training starts for the first time in August 2021 and is designed as a blended learning course in which (virtual) face-to-face and e-learning phases alternate. A maximum of 15 participants from North Rhine-Westphalia can be admitted. The course fee is 2,500 euros. The Ministry of Culture and Science of the State of North Rhine-Westphalia provides scholarships for participation.
Seed day
Spanish specialist
in contextual advertising can reach 54 million German citizens
(Seedtag) In Germany, Seedtag potentially reaches 54 million people per month, and there are already 500 million worldwide.
Seedtag, the leading contextual advertising company in Europe and Latin America, announces that it will become the global partner of choice for contextual marketing in just a few years. With over 2,000 publishers in its partner network, the start-up from Madrid now reaches 500 million unique users per month. Since March of this year, Seedtag has also been represented on the German market through the takeover of the marketing specialist recognified. With 650 publishers, the 20-person team in Germany potentially reaches 54 million Internet users. That’s over 80 percent of all Internet users in Germany. After Seedtag is gaining ground worldwide in Europe and South America with over 180 employees and an annual turnover of 42 million euros in 2020, the company is already planning to enter the US market.
IFA: Return to normality. After the IFA 2020 Special Edition, the world’s most important trade fair for consumer and home electronics will take place again in full, from September 3-7, 2021, as a live event.
Reuters Website Goes Behind Paywall in New Strategy. Reuters News unveiled a new subscription website as part of a broad initiative to court business professionals. In addition to targeting its current global readership, the newly revamped Reuters.com is hoping to attract professional audiences prepared to pay $34.99 per month for a deeper level of coverage and data.
Zoom’s revenues skyrocketing. Zoom’s revenues skyrocketed last year as global demand for online meeting solutions soared amid the COVID-19 lockdown. Although the popular video conferencing platform generated impressive revenue through its fiscal year 2021, the year’s final quarter set a new record. According to data presented by BuyShares.com , Zoom hit a record high quarterly revenue of $882.5 million in Q4 FY 2021, almost a 370% increase year-over-year. Zoom is Open Password’s “Enterprise of the Year” for 2021/2022.
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