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Data may seem as common as dirt these days, but harvesting insights from data is not without its challenges. According to Statista, for example, organizations across the globe report common problems with:
The real value begins to appear when you collect comprehensive, timely data—both internal and alternative data—to nourish insights. With the right approach, data blossoms into a fertile ground for making informed decisions, empowering businesses to adapt strategically to market conditions, risks, and more.
The last decade has seen massive growth in data generation, creating a host of less traditional data options. Concurrently, computing power has grown exponentially. As a result, organizations need a greater pool of relevant data to power Artificial Intelligence applications.
As organizations hunt for actionable insights, third-party data adds contextual dimensions you can harness for a competitive advantage. Alternative data fills in the gaps that conventional data leaves behind, providing a more holistic picture. Plus, you can choose the types of alternative data that best serve your unique requirements, making it a highly tailored resource for a wide range of needs.
MORE: The six types of datasets critical to your due diligence investigations
A data marketplace features a secure, organized, and searchable environment—a one-stop-shop for diverse datasets—which relieves the data discovery and acquisition challenge. A data marketplace also allows for quick acquisition, which is crucial in today’s fast-paced business environment. It does this by:
MORE: The cost of low-quality data for Decision Intelligence
When you need data fast for decision-making, a marketplace delivers. Perhaps, more importantly, a data marketplace provides a flexible, scalable solution, allowing you to easily expand your data portfolio as your needs evolve.
Access to unique, high-quality data via a data marketplace can give you a competitive edge. By leveraging a data marketplace, you can substantially augment your data analytics capabilities, make more informed decisions, and ultimately drive business success. Consider, for example, the benefits of premium, licensed news data from a data marketplace.
By synthesizing premium news data with additional insights from other types of alternative data—regulatory, legal sources, company & financial information, and more—you can create a more holistic, agile, and future-proof analytics strategy.
The rise of alternative data in the data marketplace has broadened the horizons for what businesses can achieve with analytics. As you embark on this journey, knowing what to look for in premium news data and in a data marketplace can greatly enhance the quality of your insights and, ultimately, the decisions you make.
Broaden your data horizons with LexisNexis® Premium News Data API or via the Snowflake Data Marketplace.
Connect with a LexisNexis data specialist to get started.