The transportation industry is no exception. Alternative data has emerged as a game-changer for the transportation industry. Alternative data is non-traditional data, which is not available from official sources, such as government or stock market data. Instead, it’s derived from a variety of sources, including social media, satellite imagery, and other unique sources.
Sources of Alternative Data for Transportation:
Social Media
Social media has become an essential tool for the transportation industry. Companies can use social media platforms to monitor their brand reputation, get real-time feedback from customers, and track industry trends. For example, companies can use social media data to understand what customers are saying about their services, how they are reacting to new offerings, and what they like or dislike about the company.
Satellite Imagery
Satellite imagery is a powerful source of alternative data for the transportation industry. Companies can use satellite imagery to track the movement of ships, trucks, and other transportation vehicles. This information can be used to optimize routes, reduce fuel consumption, and improve delivery times. Satellite imagery can also be used to monitor traffic congestion, which can help companies make real-time decisions about route planning.
Web Data
This is another source of alternative data for transportation. Companies can use web data to monitor their competitors, track industry trends, and gain insights into consumer behavior. For example, companies can use web data to analyze the pricing strategies of their competitors, track the popularity of different transportation services, and monitor the frequency of searches for specific keywords related to transportation.
Potential Providers of Alternative Data for Transportation
There are many potential providers of alternative data for the transportation industry. Here are two providers worth considering:
Estimize
Estimize is a provider of consensus estimates on public companies provided by both buy-side and sell-side analysts. This provides transportation companies with access to real-time data on financial metrics, such as revenue, earnings, and margins.
Thinknum
Thinknum indexes and aggregates web data onto a single platform. Thinknum’s platform provides transportation companies with access to a wealth of data, including pricing data, social media data, and web traffic data.
Importance of Alternative Data for Transportation
Alternative data is important for the industry for several reasons. First, data can provide transportation companies with a competitive advantage. By using alternative data, companies can gain insights into consumer behavior, track industry trends, and monitor the performance of their competitors. This information can be used to make informed decisions about route planning, pricing, and service offerings.
Conclusion
Alternative data is a valuable resource for the transportation industry. It provides transportation companies with a wealth of information that can be used to gain a competitive advantage, optimize operations, and improve services. As the industry continues to evolve, alternative data will become increasingly important for companies looking to stay ahead of the curve.
