No data, no problem: new capability matches organizations
with external data to kickstart analytics programs
SAN MATEO, Calif. — Sept. 16, 2021 — Explorium, the External Data platform that automatically discovers thousands of relevant data signals and uses them to improve analytics and machine learning, today announced the launch of Explorium Audiences (Previously known as Starters).
Designed for organizations with limited or non-existent data, Explorium Audiences instantly generates a targeted dataset that can be used to kick off machine learning, analytics projects or sales and marketing campaigns. Procuring and organizing external data through traditional channels can take months and cost hundreds of thousands of dollars; but Explorium Audiences works instantly, with all costs included in Explorium’s convenient SaaS subscription.
Getting underway with Explorium Audiences couldn’t be easier. Explorium prompts users to answer
a few questions about their target profile, such as business type and location, and produces an initial list of potential customers, partners, suppliers or competitors. Users can then enrich this dataset with Explorium’s Enrich, which automatically recommends relevant “signals” from premium and public external data sources to enhance the dataset.
For instance, one global consumer goods firm used Explorium Audiences to access a dataset containing all the convenience stores in their target region, then used Signal Studio to enrich that list with data such as foot traffic information, number of nearby competitors and average income. The end result was a 43% growth in net new business and a 20% gain in existing and former customer accounts.
Many CPG businesses have come to rely on external data-enriched models to reach the right consumers during the pandemic, as stores quickly open and close or move to different locations. Previously, when their intel became outdated, consumer goods brands would have to start their lead-scoring efforts from scratch. Now, brands can use Explorium Audiences to generate a list of leads whenever they need to refresh their models.
“It used to be that if you didn’t have a foundation of internal data to begin with, you’d have a really hard time building datasets for customer, competitor or supplier analysis,” said David Menninger, Research Director & SVP at Ventana Research. “Explorium Audiences flips that narrative on its head — it gives every company an entry point to begin analysis by building datasets from thousands of external data signals. The new capability extends Explorium’s end-to-end business solutions across external data access, enrichment, analysis and feature engineering."
The launch of Explorium Audiences comes at a time when access to external data has become increasingly important — and challenging. A recent survey found that while 79% of organizations consider external data to be “very valuable” for advanced analytics, more than 90% struggle to find relevant data sources. Organizations typically have to sort through hundreds of different datasets, without any way of knowing their relevance and value until the models are in production. This months-long process is resource-heavy, expensive and completely disconnected from analytical programs.
With Explorium Audiences, small and medium-sized businesses can pilot a new analytics program in an inexpensive sandbox. Enterprises looking to enter a
new market or territory can quickly identify their audiences. Data science teams that constantly need to refresh or build new models can intake data assets without the pain of procurement.
“With Explorium Audiences, we’ve further broken down the barrier of entry to machine learning and analytics by providing instant access to relevant datasets,” said Omer Har, Co-Founder & CTO of Explorium. “Whether you have your own internal data or not, the new capability connects you to a universe of potential prospects, customers and partners. It’s never been easier for organizations — of any size and in any vertical — to launch analytics programs that unveil new opportunities and increase revenue.”
Try Explorium Audiences, and the rest of the platform for free today.
Explorium provides the first External Data Platform to improve Analytics and Machine Learning. Explorium enables organizations to automatically discover and use thousands of relevant data signals to improve predictions and ML model performance. Explorium External Data Platform empowers data scientists and analysts to acquire and integrate third-party data efficiently, cost-effectively and in compliance with regulations. With faster, better insights from their models, organizations across fintech, insurance, consumer goods, retail and e-commerce can increase revenue, streamline operations and reduce risks. Learn more at www.explorium.ai.
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