Point Sigma, the end-to-end, autonomous AI-driven data analytics solution has incorporated British analytics-ready data provider, Doorda into its platform. Using the latter’s trusted and unique data gathered from official sources in the UK, Point Sigma is broadening the reach of analytics to all decision-makers.
Speaking on the announcement, Leo Pape, CEO, Point Sigma, said: “Data is one of the most valuable assets for any organisation, yet few manage to unlock the full power it holds. Modern AI is still constrained by the demand for impeccably curated datasets and particularly falls short in data analytics applications. Point Sigma applies the power of AI to understanding raw business data, empowering users to effortlessly explore data, enabling quick, informed decisions that drive value for its organisation, stakeholders and customers.
The partnership also creates a significant competitive advantage for clients. This is because identifying and swiftly responding to data-driven insights across a range of needs is now a common, business-critical requirement. These can range from marketing and credit risk through to customer service and collections. However, with a large universe of data sources, understanding complex data set relationships, and applying analysis to provide those insights presents enormous technological and resourcing challenges.
Analysing these large data sets is an absolute must though. By combining its internal data with integrated Doorda data, Point Sigma can help companies save time. It also enables them to discover key insights from these large data sets in minutes. Companies are now able to test hypotheses around end-customer demographics, geographical, property and affluence data through self-service visualisations automatically. There is no need for manual input from experienced data practitioners.
Already benefitting
Funding Circle was one of the first customers to benefit from combining the Point-Sigma and Doorda products. Part of the Funding Circle data landscape is a vast collection of public data from official organisations. For example, local and national governments, regulatory agencies and other public bodies – all provided by Doorda.
According to Rohan Karunanayake, head of existing borrower and investor analytics at Funding Circle: “We know the value of this data. We already use it in our machine-learning models. The question is: do we use all the relevant insights, and are we not missing anything important that could help us make faster and better decisions?”
After spending just a few minutes with Point-Sigma exploring and using automatically generated insights, a junior Funding Circle data scientist was able to form a detailed understanding of many aspects of the business and its customers through visual exploration of statistical hypotheses that would otherwise have taken many months to complete, ultimately leading to faster and better decision making.
Funding Circle uses sophisticated analytics to track its performance through a number of key indicators, such as campaign response rates, application success rates, credit scoring, payment performance and more.
Clifford McDowell, CEO, Doorda, said: “The universe of public data is expanding and evolving, and it is imperative for companies to associate that vast variety and volume of data with their other data to swiftly drive transformative insights and business outcomes. We are delighted that clients such as Funding Circle are deriving great value from our data and joint projects with Point Sigma.”
