Justin Langseth, Snowflake’s VP of Data Exchange Business Development, recently sat down with Adam Fisher, Demyst Data’s SVP, Product and Data Strategy, to talk about the role of external data in improving data analytics, the challenges companies face in sourcing third-party data, and how the Snowflake Data Exchange can help.
Demyst Data is an external-data-as-a-service company headquartered in New York. It focuses on data about people, places, and small businesses. Its large team of data strategists constantly identifies and onboards new data providers with over 900 contracted data sets. Demyst Data is also a provider in the Snowflake Data Exchange.
External data helps companies improve business decision-making by enhancing or augmenting internal datasets. A study by Forrester Research states that “66% of global data and analytics decision makers at high-growth firms say they are expanding their ability to source external data versus 51% at firms with slow or no growth.”
But the process of sourcing quality external data can be expensive. Discovery, screening, and evaluating, as well as deploying and maintaining, the data can cost companies over $170,000 per data product, according to research done by Demyst Data. This poses a challenge for organizations trying to expand their use of external data and puts the onus on data consumers. In addition, it reduces the market potential for data providers.
The Snowflake Data Exchange solves this problem, providing data consumers a centralized marketplace where they can discover and access quality datasets without going through many of the data transformation steps a traditional marketplace requires. The data exchange gives them live access to ready-to-query data. Watch the full discussion and a live demo of the Snowflake Data Exchange in the video below. If you would like to learn more about Demyst Data or the Snowflake Data Exchange, contact us today.
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