Collecting relevant data and implementing it into business strategy is a superpower all companies want and few have mastered. Enter Mr. Omer Har, the Co-founder and CTO of Explorium. Omer and our host, Cory Davis, discuss the importance of data in today’s business world with use cases including risk assessment, fraud prevention and lead scoring. As Omer explains, most companies work only with first-party data instead of focusing on data acquisition strategies. Luckily, Explorium is here to help them out.
“What we’re about is giving them automatic access to thousands of different data sources and not only giving them the sources but also the discovery of new data sources and recommending which data will be relevant to their particular problem.”
- Name: Omer Har
- What he does: Omer is the Co-Founder and Chief Technology Officer of Explorium.
- Company: Explorium
- Key Quote: “I believe every enterprise and company will use a platform such as Explorium to access external data sources and make sure they have the right data to solve their problem.”
- Where to find Omer: LinkedIn
- In most cases, data science teams only have access to first-party data. Aside from having limited access to data, companies often waste time dealing with soiled information. That’s the reason Explorium exists. Its mission is to help clients discover and use as many data sources as possible. “What we want to bring is access to a wide variety of external data sources. And we’ll be able to comment on your models on the analysis to get better analysis, better insights, or better models — the accuracy metrics of the model go up as a result of using external data sources.”
- Coronavirus changed business patterns. When the pandemic hit, most companies had to adapt and look for alternatives to keep their businesses afloat. “We discovered that many of our customers and many of the companies needed to stop using their historical data because it’s no longer indicative of the patterns. Instead, they needed external data sources to identify or understand the world around them.”
- Enterprises need data acquisition strategies. According to Omer, collecting and relying on relevant data is the path you should take to differentiate yourself from competitors. “When you have thousands of new data providers coming up every year, the ability to find the right data and try to integrate that into your decision-making is crucial for any enterprise to create competitive advantage.”
“Explorium is an external data platform for machine learning and advanced analytics. We discovered in the last four years, working with our customers, that it’s difficult to onboard new data sources. It usually takes a company between three or four months to onboard even a single data source. So what we’re about is giving them automatic access to thousands of different data sources and not only giving them the sources, but also the discovery of new data sources and recommending which data will be relevant to their particular problem.”
Explorium offers a catalog of external data sources
“You can find any data in that catalog. You can find open data that we downloaded and structured. You can find premium data that we bought for our customers. We have a network of partners that we are working with, and we share data between us. We also have proprietary data sources. Those types of data sources can help in a wide variety of use cases, anywhere from AML (anti-money laundering) and fraud, risk, both for consumers and businesses and then lead scoring for businesses and consumers, demand forecasting, and so on.”
How Explorium can help you with data acquisition strategies
“You’ll be able to quickly access a wide variety of different data sources with a different entity. So we can enrich a company. We can also enrich places and date with weather data and events data. So to get all of that quickly for your data science and analytics team can be a major competitive advantage over other companies.”
What the future holds for the data science market and how Explorium fits into that vision
“What we’ll see in the next five years is, first, it will be unthinkable as data science to write your own code for everything. No data science today will code up training, logistic regression training, or aggressive linear training. That will also happen in two or three years. Nobody will write the wrong code.
One thing that is still an open problem, which Explorium tackles, is how do you find the right data to feed into those platforms, models, or algorithms, whatever you want to choose. I think that is a big problem, and this is what Explorium is trying to solve.
I believe every enterprise and every company will use a platform such as Explorium to access external data sources and make sure they have the right data to solve their problem.”
[02:49] “Explorium is an external data platform for machine learning and advanced analytics.”
[03:16] “What we explored and wanted to bring is access to a wide variety of external data sources.”
[09:54] “The ability to find the right data and try to integrate that into your decision-making is crucial for any enterprise to create competitive advantage.”