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Doorda partners with Point Sigma to enhance data-driven insights for businesses
Thu, 30th Nov 2023

British analytics-ready data provider, Doorda, has entered a partnership with Point Sigma, an end-to-end, autonomous AI-driven data analytics solution. This partnership is already providing businesses, such as Funding Circle, significant advantages by enabling expedited access to key insights using comprehensive public data from official organisations.

Modern businesses increasingly rely on accurate data-driven insights for decision-making processes, which span across spheres like marketing, credit risk, customer service, and collections. This necessitates the analysis of large amounts of data, the company states.

However, the challenge lies in understanding the complex relationships within vast data sets, coupled with the hurdle of interpreting this data to provide timely insights. This entails significant technological and resourcing challenges.

Addressing this issue, the collaboration of Doorda and Point Sigma offers an innovative solution. The incorporation of unique data from Doorda into Point Sigma's platform has expanded the scope of analytics for decision-makers and created a substantial competitive edge for clients. Businesses can now analyse extensive data sets more efficiently, testing hypotheses around end-customer demographics, geographical and property data, and affluence insights with self-service visualisations that require minimal input from experienced data practitioners.

As one of the first benefactors of this partnership, Funding Circle has integrated Doorda's products into its data landscape. The inclusion of expansive public data from doorda has optimised Funding Circle's machine learning models.

Rohan Karunanayake, Head of Existing Borrower and Investor Analytics at Funding Circle, elaborates on the benefits, saying, "We know the value of this data, and 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?”

Within just a few minutes of utilising Point Sigma, a junior Funding Circle data scientist was equipped to form a detailed understanding of many business aspects and customer profiles. Through visual exploration of statistical hypotheses, he could streamline previously time-consuming processes, resulting in more efficient and informed decision-making.

Funding Circle utilises sophisticated analytics to monitor its performance across various parameters such as campaign response rates, application success rates, credit scoring, and payment performance. The new partnership with Doorda and Point Sigma substantially enhances these capabilities.

Leo Pape, CEO of Point Sigma, commented on the potential of data, saying, "Data is one of the most valuable assets for any organisation, yet few manage to unlock the full power it holds. 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."

Doorda's CEO, Clifford McDowell, similarly emphasised the importance of leveraging public data, remarking, "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.”