It can be challenging for businesses in the finance industry to make sense of the mountain of data obtained during the web harvest process.
In order to make the web harvest process easier for businesses and data collection companies, BrightPlanet works with AMPLYFI to harness leading Artificial Intelligence (AI) to harvest and interpret the wealth of untapped open source content within the Internet.
On October 4, 2017, BrightPlanet’s Vice President of Development, Will Bushee, along with Mark Woods, CTO of AMPLYFI held a webinar to demonstrate how AMPLYFI’s leading AI tool, DataVoyant™ is helping businesses gain the insight into their harvested data they need.
During the webinar, Mark Woods demonstrated how AMPLYFI’s DataVoyant™ tool is helping those in the financial services industry make intellectual and thoughtful business decisions by walking through data analysis examples regarding the topics of Consumer Price Index (CPI) and the access economy.
Keep reading to learn how these two practical data analysis examples take advantage of open source intelligence tools in order to uncover underlying trends, opportunities, and risks involved in the finance industry.
Discover Underlying Factors of Consumer Price Index with DataVoyant™
Consumer Price Index (CPI) is used all around the world as a main lever used by governments to address inflation. CPI is also one of the key aspects used in the financial services industry to make sure finance companies can normalize many of their business models.
CPI measures changes in the price level of a market basket of consumer goods and services that are purchased by households. CPI is fairly easy to measure and fluctuates often to reflect what is going on in the economy.
What isn’t so easy to understand; however, is determining what actually drives the changes in CPI.
In this particular example, AMPLYFI ran the discovery engine in DataVoyant™ and extracted a small piece of data to identify some of the underlying trends that affect CPI in the plotted circles in the graph pictured below. The graph displays a particular theme of sustainable development issues that are reflected as green, blue, and orange circles.
The circles in the top right section of the graph reflect the themes with the highest significance, meaning that they are likely to affect CPI, while the circles in the bottom section of the graph are contributing factors to the bigger issues found in the top right section.
DataVoyant™ itself harvested this data and takes into account all the contextual and text-based information found in hundreds of thousands of documents. This process allows AMPLYFI to associate a numerical value to text and written content that can be hard to categorize.
By understanding what is plotted, it is possible to see the significance over time that these topics have on the economy, allowing businesses and government to be proactive, rather than reactive.
Discover Potential Opportunities and Risks in the Access Economy Model
Mark also demonstrated DataVoyant™’s power by using an example about financial technology (FinTech) innovation in regards to the access economy. The access economy is a business model where goods and services are traded on the basis of access, not ownership.
The graph below reflects the harvested data that DataVoyant™ identified as topics that are beginning to disrupt FinTech, particularly in the access economy.
Crowdfunding, insurance technologies, and cloud-based business valuation are all topics that may affect the future of FinTech.
Harvesting this type of data is particularly relevant to financial clients because it allows them to identify opportunities for collaboration with other companies, acquisition possibilities, and to understand how to respond to particular competitors.
Elevate Your Web Harvest Process with Open Source Intelligence Tools
The consumer price index and access economy examples are just a glimpse into the power of open source intelligence tools.
Interested in learning how to improve your financial business’s data web harvest process with AMPLYFI? Contact a BrightPlanet Data Acquisition Engineer to learn how our Data-as-a-Service could help you harvest data that is important to you and your business.