Getting the right data according to your business needs is the first step in the data management process. Your start in the process is the most important step and it is the part that will affect your success the most.

There are many steps in the data acquisition process such as sourcing, contracting, extracting, transforming and uploading data, and business development. These steps have no specific order and can occur simultaneously. That's why the first stage, getting the right data, is all about getting you to look at data that can generate useful, compatible and advantageous insights, and getting this process right at a fundamental level stock API is very important.

Data Supply According to Need

Before purchasing data, you should determine your company's goals, objectives and needs well. Because the sheer amount of data that data providers have can confuse you and your strategies may not work properly due to unnecessary data supply. As you develop investment strategies that fit your needs, you need to be kept informed about your corporate strengths and weaknesses, including things like transaction costs and industry expertise.

We'll help you determine which dataset to choose in Finage. There are different information about each stage of the stock market (real-time price tracking, historical data, graphs, stock analysis, news). There is a lot of information, such as data that begins with the user's decision to buy stocks and enables them to make predictions about which stock value and what kind of path to follow. There are also different challenges associated with each data such as accuracy, level of detail, and sample size variation

When it comes to choosing the data set related to the investment instrument you are interested in in the stock market, the most important thing is to get the data as "early" as possible. Finage can instantly transmit real-time data to you. Thus, you have the opportunity to quickly implement your algorithmic trading strategies in the instant data we provide.

Contract and Data Privacy

Although not very interesting, the stage of contracting and ensuring compliance with applicable legal requirements is very important and necessary for any investor who wants to use data to make decisions.

Regulatory regimes, such as the California Consumer Privacy Act (CCPA) and Europe's General Data Protection Regulation (GDPR), increasingly affecting the collection, sharing and transmission of data, require that all data you use comply with applicable regulations. Due to the growing interest in data privacy, developers are taking a closer look at the industry and trying to make regulations according to these regimes. If you want to learn more about the future of data privacy, check out a recent interview with the Vice President of Investment Management at Lowenstein Sandler LLP.

Once you understand the importance of the due diligence process, you should make sure that your source provider has data rights and is not a privacy concern such as personally identifiable information or PII. You should also know how data use is managed in the Terms of Service for intermediary customers and whether it complies with all legal rules.

The information provided is not an exhaustive checklist. To do this alone, you must be an expert on the subject. However, with a data provider you trust, you can access data sources without worrying about these issues. Finage is a data source provider that fulfills all legal requirements. Therefore, you do not have to worry about legal obligations.

Making Data Useful

After checking all the contract and due diligence stages by making the correct determination of the data set suitable for you, the next step is to make the data you obtain available.

Thanks to stock market data providers, users can receive advanced alerts about mergers and acquisitions, partnerships and global expansion, and when these events occur, it becomes extremely valuable to have this data. For example, if a company can be warned before announcing that it will buy another company, the stock prices of that company will increase significantly when the purchase takes place.

Like the above, stock market data is all public information. However, making sense of companies' records, ownership and lease agreements, and operator documents is a trivial and time-consuming task. That's why buying, digitizing or otherwise assembling all this raw material before developing your strategies requires expert skills and infrastructure. Finage, on the other hand, offers you all the data you need in a processed and ready-to-use form.

Business development

In the final stage, it is critical to develop your business consistently so that your investments have a running dataset. By building relationships with industry primary data sources, partners, expert networks, consultants, and marketplaces, you can have a data stream that you can work on continuously. This way, you can predict what is happening in the industry, where the next signal sources may come from and what information will be valuable to you in the future.

Finage's Patent Value Estimates dataset provides monthly patent valuations for a wide range of international publicly traded companies with a history of more than ten years. This way you can discover data that give insight into a company's willingness to innovate.

Thanks to the relationships we have established with a large number of different sources, we create trade signals applicable to data sets, working to achieve maximum value for investors and constantly update our packages according to needs.

In this section, after explaining how to obtain the correct data set that requires many steps, in the next article, we will explain the ways to ensure the quality and usability of your data after the data is obtained.