Data Collection: Crowdsource Model Building Help Turn Your Data into An Asset

Today, information has become more accessible and substantial thanks to the rapid growth of technology. The influence of the internet has grown beyond what we can imagine. Billions of information exchange and connect through this platform. All information has store on sites and transform into datasets for numerous uses.

The usage of these data has applied to some business strategies; such as marketing, operation, and services use. Internet creates a pool of data. In this pool, data collection seems to be the dominant part for tech firms to stretch out their business and various their services. If we number the process of starting a business, data collection is an important step from zero to one. When starting a business, you need at least some sources to market your product or business.

“Large tech companies have acted as super aggregators of information” commend by Akshay Sharma, CTO, Doc.ai on Quora.

The reason why many tech companies aggregate information for either public datasets or private datasets (bought for money) is that these data enable the company to be more specific when analyzing the consumer demand. The larger the user bases, the better for them to understand their consumers’ need in order to build some very compelling products that would bring more users back.

Some companies might even pay top dollar to acquire datasets to complement any blind spot and improve their performance in the model building. Large-scaled firms have sufficient asset to afford the cost and structure a data science department to analyze data; in contrast, small to midsized business would encounter issues with managing data and operating costs.

Therefore, small to midsized business models can start to consider how to modify their data to be valuable to others and how the data can become a beneficial feature for other companies. According to Akshay Sharma, CTO, Doc.ai on Quora, who commends, “The ultimately goal is to increase the topline or the bottom-line for the company.” One of the methods to transform your data into a financial asset is “crowdsource model building.”

There are some platforms where you can exchange a useful database for an actual price. For example, Kaggle, an online community of data scientists and machine learners, people can take datasets and have others to build models for you for a price. Numerai is another platform that is more focused on financial data.

CEO of FlipWeb, Kevin Lin, points out that social media building is an important index of today’s business, “There are some news media would purchase Facebook pages to enlarge their target consumer and increase user stickiness. The ultimate goal of social media building is to create a broader and more stable target market in order to raise the awareness of the business and product.”

Social media is one of the biggest crowdsource for model building. There are millions of users and billions of information engaged in this kind of platform. Being able to manipulate a powerful social media not only benefit for the branding but also transform your digital asset to a profitable resource.

The number of followers or likes are like databases. Turning your “likes” or data into a financial asset is not an illusory concept. Start by defining the intrinsic value of your data, maybe you will make a big fortune in the future by selling you valuable database.

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