External data, commonly known as alternative data, is any data generated from outside an organization, with examples including employment data, geolocation data, social media data, and consumer transaction data. The data is derived from two main sources (i) data companies that are set up to monetize data and (ii) companies that have “exhaust” data to monetize. The data revolution is being driven by developments in cloud computing, advances in data science, and rapid data creation.The goal of this report is to showcase the art of what is possible with external data through the lens of consultants working with corporate and private equity to implement data-driven decision-making. This report leans heavily on contributions from leaders in the consultancy space including EY, Bain & Company, West Monroe, Strategy Titan, and Asgard Data. For further information on the information contained in this report, please reach out to firstname.lastname@example.org.
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