By Ajay Handa, Chief Data Officer, Equifax Canada
Is data is the new oil? No is the short answer. Oil is a scarce commodity, data is not. Data is being created every second of every day in every aspect of life. Internet of Things, augmented reality, virtual reality, artificial intelligence, machine learning, GPS and social media data are EVERYWHERE. The real question is how do you dig out the gem from a giant rock pile? And since finding the diamond is hard enough, consider the many challenges of making that diamond shine like linking and ingestion, privacy, regulation, and consumer consent.
So where do you start? You could start with a business problem. There are approximately 500k new Canadians each year whose consumer experience would dramatically improve through better data. Because an average condo rents for $1700 and an average mortgage is $2000, good rental behaviour can be a predictor of future mortgage performance.
To better understand the key principles of developing a data strategy - from data perfection to anonymization - our “Alternate Data Opportunities” presentation highlights key tactics and techniques.
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