Open Data originated from the idea that access to government data should be free and available for everyone to use. Here some examples of open data:
Public data is often incomplete, missing many values. The rel8ed.to team is building a platform for cleaning and reducing public data that will be ready to use for modelers across multiple business segments. Bob’s team is also using public data to generate open data-driven predictions to find the bottom 10 percent of businesses that will likely fail in 2017, and the top 10 percent that are almost sure to grow and extend.
Predictive models using Open Data information can be used by financial institutions to check portfolio trends and take action much earlier in the cycle, before adverse risk or churn events occur.