The Analytical Dataspace is a forum where enterprises can analyze large datasets in near-real time, combine their own data with other organizations' data to gain new analytical insights, and start new revenue streams from selling their data.
1010data may not be a household name in the IT world, but that's not stopping it from starting up a new industry community in which enterprises can share information to analyze, share and monetize big data.
The cloud platform provider on Sept. 18 announced the formation of the 1010data Analytical Dataspace
, which it claims to be the first cloud-based community in which organizations can share, analyze and thus monetize big data workloads.
The Analytical Dataspace is a forum where organizations, regardless of size or vertical market, can analyze large datasets in near-real time, combine their own data with other organizations' data to gain new analytical insights and start new revenue streams from selling their data.
1010data, a New York City-based company, is in this because it has developed a hosted, on-demand big data analytics platform that it claims can process big data and deliver results quickly and inexpensively.
The Analytical Dataspace comprises three main offerings, according to CEO Sandy Steier:
- Analytics Platform as a Service: Organizations can utilize 1010data's cloud-based analytics platform to run sophisticated queries on massive datasets. They can also use the platform to build industry-specific applications and can even use it as their enterprise data warehouse for operational reporting.
- Data Mashups: The platform enables customers to use data from other organizations and combine it with their own to glean analytical insights previously unattainable. For example, a retailer can combine its POS data with other licensed datasets distributed on 1010data, such as weather, real estate or econometric datasets, and build models to respond to changes in demand driven by weather, economic conditions or shifts in buyer behavior from brick and mortar to online shopping.
- Data Monetization: Because the Analytical Dataspace is cloud-based, organizations can quickly and easily sell their data (or analysis) to interested parties. This helps organizations create additional revenue opportunities from the data they generate.
"The Analytical Dataspace gives enterprises a single destination for their big data analytics needs, allowing them to easily capitalize on the massive data they or others are creating," Steier said.
"We believe that by creating a community for data providers and users, analysts and business decision makers, they can have the world's data at their fingertips and leverage it to identify business opportunities that have never been possible before."