Alternative data is often regarded as big data or "exhaust data ", because of the scale and complexity. This set of data is generally less accessible and structured than a traditional dataset. An alternative data door is open for unique insights that are not available through traditional data sources.
The use of alternative data analysis helps to detect the risk of an unexpected and find potential investment opportunities. Today, in the era of information explosion, the use of alternative data has expanded into various industries.
There are different tools to gain alternative data from different sources. You may also make use of the most efficient web scraping software for this purpose. Through this software, you can extract information very easily.
Some of the most popular types of alternative data are:
Image Source: Google
Data taken from public websites. Web data can usually be extracted through the use of a spider/web crawler. Some of the most sought after data covering commercial data (product information, pricing, etc.), a list of jobs, real estate data, and more.
Users visit time, the population of users and user activity on a Web page. This data can help marketers to shift consumer purchasing decisions online.
Satellite image data in the parking lot of a local retail store to measure the local economy.