NEW YORK--Last March 1, Jeff Glueck, CEO of Foursquare reminded us of his astonishing prediction in a post published on Medium in April last year. Based on foot traffic data build from its check-ins and visits from Foursquare and Swarm app devotees, Glueck said Chipotle’s first quarter sales would be down almost 30 percent. It was not the first time Foursquare hit the mark. Last September, it predicted sales of iPhones to hit between $13 million and $15 million. It was $13 million.
The location intelligence company uses its own proprietary technology software development kit (SDK), Pilgrim, to find a user’s location by looking at historical check-in data. Now marketers can plug its mapping data from more than 90 million locations into their own apps.
Glueck spoke about alternative data at the Data Driven meetup at Bloomberg with David Loaiza, managing director & chief data scientist of Point72; Andrej Rusakov, founder of Data Capital Management as well Matei Zatreanu, founder of System2.
Kuang Chen, CEO of Captricity talked about how his company extracts and transforms data from handwritten and typed forms.
Founded in 2011, the company can reportedly extract data from paper documents, scans, faxes, emails, call centers and web forms while also linking automatically with backend systems of its predominant customers in the insurance, healthcare and nonprofit sectors. Imagine eliminating costly manual data-entry processes and to top it off, making it possible to enable advanced analytics to organizations, especially in depressed areas where accurate data can mean improving, if not saving lives.
"We’re on a mission to democratize data access, and it's exciting to see how our proprietary technology is able to dramatically improve operational efficiency and transform the user experience for our global client base," Chen said.
Now here’s a thought. Back in the day, normalizing data was really messy that even the cause of death was never digitalized into data. Now that record can come back to life.
The rest of the meetup centered on talk about alternative data (no relation to alternative facts, pun intended).
The increase of data usage from mobile devices, satellites, sensors and websites has led to large of amounts of data, even alternative data mined from non-traditional sources like cars parked in a parking lot, for example. It’s an industry that has gained steam and data scientists are getting even more creative in sourcing data.
Office Lease Center attended the meetup at Bloomberg.