Episode 28: Unstructured Data Insight with RavenPack
The SphereCast team speaks with Kevin Crosbie, Chief Product Officer at RavenPack. RavenPack is a platform that gives meaning to unstructured data. The platform offers speed and accuracy in analyzing large amounts of unstructured content — newspapers, emails, social media, and more. The company then enables clients to quickly extract value and insight from this processed data. Regarding speed, RavenPack can analyze one page of data every 300 milliseconds — which is, literally, the time it takes to blink.
Some estimate that between 80 and 90 percent of all the world’s data is unstructured, so the spoils go to those individuals and companies that find a way to interpret this goldmine. RavenPack has found a way to do just that. On the podcast, Kevin discusses all the key use cases his platform can meet, explains the difficulties of migrating to the cloud, shares some of the most difficult decisions he has to make, and describes what it’s like to be driving the direction of an industry-leading product.
“One of the hardest things to do is prioritize… There are so many things we want to do. We’ve got our fingers in lots of different pies because this world is moving very fast. And we’re one of the leaders in that.”
“For the most part, the pandemic hasn’t impacted RavenPack itself… The pandemic actually made firms realize that they need to make more data-driven decisions and be able to monitor the media for important things that are happening.”
“A lot of our financial industry clients prefer a rules-based approach because one of the issues you have with something like machine learning is that it’s ‘black box.’ It’s not easy to say, ‘This is why I got this result.’ And those clients require transparency… They must show the reasoning behind making decisions.”
“Make sure the team you have is amazing. Otherwise you can’t make amazing products.”