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How Data as a Service (DaaS) Improves Business Intelligence and Academic Research

May 21, 2021

Data as a Service (DaaS) feeds complementary content directly into a user’s existing AI applications, research tools, and business intelligence platforms. With DaaS, a business can discover actionable insights on data that might have otherwise been unavailable. An academic institution can accelerate research projects and increase donor contributions through targeted campaigns that use accurate, up-to-date donor information. A PR team can better manage brand reputation and gauge sentiment across news and social platforms. Or an investment firm can uncover trends that indicate risks or opportunities. The list goes on.

If you’re interested in DaaS but want to learn more before using it within your own institution, you’re in the right place. Our Nexis Data as a Service experts often find themselves answering questions about the benefits of Nexis DaaS. So much so, in fact, that we recently asked them to send us the questions they see most often—and to share with us the answers they provide to help potential clients realize why Nexis DaaS should be everyone’s third-party DaaS platform of choice.

Q: What is Nexis DaaS?

A: Let’s get the most obvious question of the way first. Whether your data tasks involve predictive data analytics, machine learning algorithms and AI applications, or any other kind of data-intensive workload, you need high-quality datasets. Nexis DaaS provides access to those datasets.

Some examples of what you can achieve with Nexis DaaS include:

  • Quickly accessing normalized data
  • Gaining insights from data with metadata and other enrichments
  • Getting data projects up and running quickly—with support from a best-in-class team of experts
  • Keeping up with event-based triggers and leading market indicators
  • Using historical trend analysis and current data to anticipate groundbreaking investment opportunities

Q: How is content in Nexis DaaS accessed?

A: Nexis DaaS doesn’t replace your existing data tools and platforms; it complements them with third-party data through specialized data feeds and flexible APIs. The datasets you need are integrated directly into your existing analytics or applications, ensuring you have access to the content you rely on for insights and decision-making.

Here are the different APIs and data delivery options available through Nexis DaaS:

  • Bulk Delivery APIs deliver semi-structured news, legal, and regulatory content reaching back more than 30 years. These APIs are ideal for any organization in need of large volumes of content for historical analysis and predictive modeling.
  • Search and Retrieve APIs grant access to datasets while also providing search and retrieve functionality and post-search filters for additional refinement.
  • Ongoing Monitoring Options push updates and alerts to your analytics and monitoring tools.
  • Nexis Data Lab leverages the best-in-class Jupyter Notebook environment, allowing users access to an unmatched collection of enriched news data via a single platform with added search functionality.

With our data APIs, your organization gains fast access to curated, relevant datasets. You can enhance your AI or machine learning applications, ingest bulk data for immediate use, retrieve data on demand within your own interface, enable proactive risk management, and more.

Q: What kinds of data does Nexis DaaS provide?

A: At the risk of sounding hyperbolic, Nexis DaaS offers a robust collection of content your organization is unlikely to find anywhere else. We’re known for our industry-leading content aggregation and we’re not shy when it comes to saying no other company has the same quality or quantity of data. We add roughly 4.5 million documents to our platform daily to continuously expand our petabytes worth of semi-structured, normalized, and enriched-text based data. So, no matter your use case, we can say with confidence that we have the datasets necessary to improve your big data initiatives. Our global data universe spans:

  • 80,000+ current web, broadcast, and print news sources
  • A decades-deep news archive
  • 280 million companies and the executives that run them
  • 84 billion U.S. public records from 10,000+ sources*
  • 1,400+ sources of domestic and global sanctions, politically exposed persons (PEPs), watchlists, and blacklists
  • S. case law, statues, dockets, bill tracking, and administrative materials
  • Industry and market data
  • Regulatory and legal data
  • 70 terabytes of patents data
  • Thought leader blogs and social commentary

Q: What are some ways organizations use Nexis DaaS?

A: Our clients use the third-party data we provide for a myriad of reasons—from forecasting with predictive analytics and conducting trend analysis to ensuring compliance, assessing IP portfolios, or improving risk management through enhanced due diligence. And while there’s no limit to the applications our data can be used for, some of the most common use cases include:

Data science and analysis

Nexis DaaS eliminates the need for data scientists to scrape the web for raw data that they then have to clean and prepare for use. Instead, business-critical analytics and AI applications get expertly enriched, semi-structured datasets that have already been cleaned (more on that later) and are ready for immediate consumption. This means data scientists can focus less on data wrangling and more on critical tasks, such as supporting strategic planning or performing faster, more in-depth analyses to discover market opportunities sooner.

Alternative data and financial modeling

Through Nexis DaaS, your organization can enhance its data modeling and analytics with global current and historical news content, company and financial information, patents data, and more. Your financial and data modeling benefits from our trustworthy content, helping you better pinpoint trends and market indicators for financial opportunities or risks.

Also, the alternative datasets we offer for financial modeling help investors identify trading signals and anticipate market disruptions.

Brand data research and analysis

For PR, marketing, and sales professionals, Nexis DaaS provides a holistic view of adverse news and social commentary. Your organization can receive alerts to negative news or online activity that might negatively impact your brand. And Nexis DaaS also measures that impact while providing additional metrics—such as your success rate with previous marketing campaigns—to help inform your response. You can also monitor the media coverage and brand sentiment of your competitors.

Academic research and analysis

Nexis DaaS gives university students, faculty members, and academic researchers access to enriched data on a flexible platform. Flexibility is especially important for a university, since people throughout schools rely on data for everything from lesson planning and coursework to donor research and school-funded academic research. Luckily, Nexis DaaS offers multiple data delivery options and platforms that universities can leverage for a variety of academic use cases. We also offer Nexis Uni, a solution designed to make university research incredibly efficient.

Corporate data and CRM hygiene

Corporations can use Nexis DaaS to research prospective new business opportunities, ensure accuracy and compliance, and better assess risk before embarking on a new venture. Nexis DaaS gives companies a focused, in-depth, and up-to-date view of competitors, potential partners, and prospective acquisitions by providing key data into parent and subsidiary relationships, such as:

  • North American Industrial Classification (NAICS) and Standard Industrial Classification (SIC) data
  • Sales and revenue data
  • Brand and trade name information
  • Ultimate parent, parent and subsidiary corporate hierarchy information
  • Joint venture and affiliates data
  • Divisions, units, factories and plants
  • Branches, groups and holdings
  • Non-operating entities (shells)

Predictive modeling and risk management

With Nexis DaaS, your company can access global and regional content from a single point to better assess risk and develop better-informed predictive modeling applications. Your visibility into financial, reputational, and strategic risk would improve, and your overall risk management strategy would become more effective. That’s because Nexis DaaS eliminates the need for risk managers to rely on multiple AI applications and risk monitoring tools. Instead, your organization can use one platform to monitor PEPs lists, sanctions, watchlists, and adverse media data.

Q: What makes Nexis DaaS different from other data service providers?

A: Our breadth and depth of content isn’t the only thing that sets us apart. We also have an industry-leading data fabrication, classification, and enrichment process that creates semi-structured XML data ready for immediate use. All documents are analyzed and tagged using natural language processing to classify data based on subjects, industries, organizations, people, and places.

As part of our data enrichment process, we currently have:

  • 125 descriptive metadata tags
  • Nearly 4,300 subject topics
  • More than 3,800 industry tags

We also cover over 350,000 companies, as well as geolocation mapping and multiple geography-related tags that distinguish between things like publisher location versus locations discussed in the published article.

Our data enrichments form an integral component of Nexis Data as a Service (DaaS). You can learn more about the benefits of our enrichments and how they work by visiting our data enrichment page.

Still want to learn more about Nexis DaaS? You can find out more about its benefits here.

 

*Access to U.S. Public Records content is subject to credentialing. Due to the nature of the origin of public record information, the public records and commercially available data sources used in reports may contain errors. Using public records for direct marketing activities such as direct mail or telemarketing is prohibited.