One the same day that Cisco was cautioning that today’s data avalanche represents a potential gold mine of insights, provided we can extract strategic value from this data, and less than 10 days after Gartner announced in mid-March that Big Data was falling into the Trough of Disillusionment and would become the new normal between 2015 and 2017, Versium unveiled its Big Data approach, using real-life data attributes called LifeData. The Redmond-based start-up, founded a year ago, said LifeData is the billions of data points on businesses and consumers that are created through real-life actions and activities, including purchase interests, education level, family status, financial rating and social behavior.
There are billions of demographic, psycho-graphic and social-graphic data points consumers create through real-life actions and activities, said CEO Chris Matty. “What kind of car do you drive? Do you have kids? Are you socially active? These types of LifeData attributes can be very powerful in predicting behavior.” Its initial offering, LifeData Analytics Platform, combines over 100 billion consumer attributes.
Fast forward to today and new information is still being created at breakneck speed, and it seems like everybody is scrambling to find ways to profit from this data deluge. Gartner predicts that 30% of businesses will directly or indirectly monetize their information assets by trading, bartering or outright selling them by 2016. “The need to justify the expense of accumulating and managing huge volumes of data has led many organizations to consider monetizing or productizing their information assets,” said Doug Laney, research vice president at Gartner.
He said several retailers are already generating millions of dollars per year in incremental revenue by placing online their point-of-sale and other data for business partners to subscribe to. Other individuals have launched ventures packaging and reselling publicly available data, or using it to launch new information-based products — such as in the insurance and financial markets. Since many businesses are ill-equipped to develop and introduce information-based products, “information resellers” will arise to help organizations develop and execute information asset monetization strategies.
Versium takes this ‘public’ data, combines it with its clients’ data, and then uses relational and NoSQL database architectures to verify, cross index and match large sets of data. The result is a richer, more actionable profile of each individual consumer and more intelligent analytic models to optimize consumer engagement, improve marketing efficiencies and better understand, retain and find new customers, said the company.
Versium’s data warehouse, ATLAS, is an aggregation of over 7,000 data files:
-emails – 3.1 billion records, 375 million unique US Emails;
-social profile data – 132 million records;
-consumer demographic data – 240 million records;
-consumer interests – 240 million records;
-mobile phone files – 200 million records;
-landline numbers – 120 million records;
-vehicle data – 120 million records; and,
-business profile/email – 31 million records.