What is Alternative Data - Complete Guide 📊
2 min read
The data give you power and the more data you have, the more leverage you have. Many investors already see that alternative data have been just as essential as fundamental data for their financial analysis and insights.
Alternative data have been used in many different industries to improve customer experience, increase revenue and reduce costs. One example would be a large retail chain that uses alternative data to help customers find the best deals on products they want to buy. Another example would be an online retailer that uses alternative data to determine which product categories are selling the most and what type of offers are most effective at attracting new customers.
1. What are Alternative data?
Alternative data are non-traditional data that can give a lot of indications and insight's. Examples of alternative data sets include credit card transaction data, product reviews, Social media, Web traffic etc.
2. How it can be used?
Nowadays, more the 50 percent of hedge funds and investment firms are using alternative data to gain some competitive edge, with consumer patterns, expert networks and web-crawled data being the most commonly used methods. the analysis with these alternative data is getting better day by day by the use of modern technologies like AI-ML.
3. Types of Alternative data.
- Social Media Data
- Web/ Mobile Data
- Credit Card data
- Geolocation data
- Public data
To Learn and know more about alternate data please refer to this great article by Proxycurl Read This
4. How can you use Proxycurl for getting alternative data?
Proxycurl is a strong data company with a demonstrable capacity for handling unstructured data. Its core strength in data enrichment capabilities of people and companies - offering insights into people, profiles, company profiles, work & personal email addresses and contact, jobs info, and more sets it apart. Proxycurl provides a wide variety of API's through which you can fetch a lot of available endpoints to access data of companies, peoples, companies etc.
You can learn more on their documentation Read Here
Alternative data can be used in a lot of fields and the insights it provides can be useful for a lot of companies. With the technologies available today getting these data would have never been easier.