March 28, 2019
Alternative data goes mainstream
The challenge lies in decision makers analysing, collating and using data wisely, says Tariq Al Asiri
Information and income are the main drivers of mainstream media. The need of the hour is to look for new and reliable sources of information and not depend only on paid content, said Tariq Al Asiri, Co-Founder of Argaam.com.
Speaking at the 18th Arab Media Forum, held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Al Asiri said on Thursday, mainstream media is a treasure trove of information, but it does not use it effectively. “Decision makers must know how to collect and use the information.”
The mobile revolution has changed the way the common man accepts information and perceives news. Al Asiri said, “Unlike traditional data that is collated by humans, alternative data comes from multiple sources and has both advantages and disadvantages. For instance, if on the one hand, credit card companies know every detail of the card holder, on the other, traders are making wise investments.”
Alternative data is becoming the new norm for investors. Traditional data such as press releases and economic data are fast being replaced by alternative data, which guarantees investors a competitive edge as the information comes from unique and different sources including social media, web data, retrial sales, etc.
Alternative data is used by energy sector, said Al Asiri. Similarly, space technology has enhanced procurement of accurate data helping governments boost economical parameters and infrastructure needs, while healthcare and tourism sectors have also started using alternative data, he added.
People do not wait for mainstream media to break news, instead they follow digital media today. Thus paid content has its limitations, he said. However, one of the challenges of alternative data is that there are no legal regulations streamlining its use. Most often than not, with smartphone being the source of alternative data, accuracy can be compromised, he said.
Al Asiri said, through Application Programming Interface (API) websites are now sharing information seamlessly and businesses are aiming to become API friendly. Specialised content can be generated at any given time with ease. For instance, argaam.com has been collating petrochemical prizes of the past, he explained.
It is time, mainstream media stops depending on traditional methods of sourcing information as paid content cannot sustain them for long, he said.
Held under the theme ‘Arab Media: From Now to the Future’, the two-day Arab Media Forum, organised by the Dubai Press Club, featured over 75 speakers and 200 prominent media figures representing more than 20 countries from across the Arab region and the world.
