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The rise of data platforms- AI can help in the new prospects of the data economy

2020-11-25
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In the era of data economy, there are a large number of data and multiple sources of data. In addition to public data from government, there are also data collection within enterprises, etc. Many companies have begun to provide data value-added and shared in response to the needs of the data economy market. Various professional services, such as consulting services, data visualization applications, and building data marketplaces or platforms. Such as the "Enterprise Business Data Platform" of the Taiwan Economic Journal (TEJ KYC); the "Data Market.tw" of eland Information Co., Ltd and the "DATABAR Data Market Trading Platform" of TMS.

Leading business data platform to strengthen corporate data transparency

The Chunghwa Picture Tubes, Ltd(CPT). incident has aroused investors' attention to the financial status of the target company. As a highly transparent listed company, CPT still caused more than 100 companies to be harmed. How the leading Taiwanese financial database provider- Taiwan Economic Journal (TEJ KYC) helps companies better understand the physique of investment targets.

Chen Shaowei, associate manager of Taiwan Economic Journal (TEJ KYC), said that reviewing the government's open data, including the Department of Commerce and the Stock Exchange, have provided enough data, but those who need it do not know or are difficult to find. If we can integrate these related data on the same platform and provide one-stop service, I believe it will be of great help. The enterprise business information platform collects data on companies that are publicly issued and listed on the OTC, and provides reference for bank or brokerage, saving time and effort.
The Enterprise Business Data Platform of the Taiwan Economic Journal (TEJ KYC) not only collects data on 700,000 non-public companies and limited companies from the Department of Commerce of the Ministry of Economic Affairs and 2,000 publicly issued companies, but also integrates data from multinational companies from China, Japan, and Malaysia for providing 23 free data sets and 40 paid data sets. The platform even provides value-added services such as "data transparency Index", "group one-account service", "industry pinpoint" and other value-added services to help the industry solve more business application problems of enterprises, successfully generating about NT 4 million in revenue and accumulating viewers up to 117,908 people.

Chen Shaowei revealed that the enterprise business data platform will further incorporate taxation data in the future, so as to more accurately know the company’s main business items, the number of patents, use public opinion analysis technology to observe whether the company has negative litigation cases, and strengthen the SME data collection to meet its diversified needs.

※ Learn more about 》》Taiwan Economic Journal (TEJ KYC)

The key to Data Market.tw's success: heavy-scale, cross-industry applications

“Whether it is big data or the current popular AI, data are the most important. If the data is not good enough, subsequent algorithms will not be able to function." 
As general manager of Taiwan's first third-party commercial marketing data market platform, eland Information Co., Ltd, Yang Liwei believes that many companies in Taiwan want to use data for analysis, but they lack their own big data. The concept of data exchange abroad has been revealed for many years, so eland Information decided to step forward and choose to focus on the business and marketing fields, and establish Taiwan’s first third-party commercial marketing data market platform-Data Market, opens 18 types the industrial risk public opinion data collection for free trial and 2 sets of data developing tools.

At the beginning of promotion for the open data, everyone was still very unfamiliar with the concept of data sharing, and there were many concerns, such as data leakage or regulatory issues. Yang Liwei emphasized that as the world attaches more and more importance to personal information, private companies must comply with relevant domestic and foreign regulations in the process of collecting data. In the future, Data Market will also actively integrate data from Hong Kong, Japan and other places, and with global related data platforms cooperation to assist media, tourism, e-commerce, finance, transportation and other fields to further strengthen customer management.

Yang Liwei observes that the data market focuses on scale and cross-industry applications. If it only meets the needs of specific industries, it may limit the economic development of data. "The circulation and value of data do not lie in the specifications of data exchange. Simple and easy to use, high versatility, and early scale-up are the keys to the success of the data market."

※ Learn more about 》》eland Information Co., Ltd

Optimistic about AI will accelerate data demand. Databar embraces the data-driven new economy

TMS, which is in its fifth year of establishment, started by helping the government build a large-scale dynamic information system. The bus dynamics of timetable that are indispensable for the lives of Taipei citizens are one of TMS’s masterpieces. As a result, TMS has accumulated a wealth of data integration experience and technology. "It is a natural thing for TMS to connect APIs."

With the advantages of data collection and data processing, TMS has huge momentum based on the collection of traffic-related data across Taiwan, and build Taiwan's first integration of public and private sector traffic data and data in the transportation field Trading platform (Databar). At the same time, it recruited 5 data suppliers including Supergeo, GSTech, Institute for Information Industry(III), GOLiFE, and Crown Taxi Fleet to join in to provide their own data, establish GPS (real-time/historical) data, speed cameras, gas stations, parking lots, as well,  two data application tools such as "Panorama Analysis Tool" and "Data Normalization Tool" have been launched to drive revenue of more than NT 3 million. In addition, 30 set of data including rail transportation data, bus data, bicycle data, etc. are free for use.

Looking back at the beginning, Tim Chen, general manager of TMS, said with a smile that he was looking forward to beauty at the beginning, "I think TMS has so many precious traffic data, there should be many people who will ask if it can be authorized to use? As a result, nothing happened." Later it was discovered that what everyone needed was value-added application services after data analysis and processing, and the delivery of instant messages. After some adjustments, the market finally realized that TMS had such good data minerals. That's why we further thought about whether there is an opportunity to expand this data economy method into an online platform, open to other businesses to provide more types of data, and make Databar the best distribution center for matching supply and demand.

There are many online data platforms with similar functions. On the premise of protecting privacy, how to provide more data and promote the occurrence of more value-added applications is the value of the platform. A format that can be matched with international standards, a stable system, sound quality and fast update frequency are the keys to TMS for attracting international auto manufacturers for designated cooperation.The turnover of NT 2 million in the early days has grown to tens of millions now, and continued growth. Databar currently has about 20 data sets and nearly 50 APIs, and continues to increase.

Being optimistic that the development of AI will accelerate the demand for data, Tim Chen believes that data service providers may be able to turn AI model training into a business model and drive a new data economy. AI applications require localization, Taiwan's data providers have new service opportunities.

Nowadays, the data economy, through the establishment of data platforms and the introduction of AI, solves the problems of incomplete data collection, lack of data integration and inconsistent data formats, which not only saves data search time, makes queries more efficient, and enhances the value of data applications.

※ Learn more about 》》TMS

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