digibyte: Narrative Science looks for mining opportunites in the enterprise
- Summary:
- Narrative Science raises $10 million as it seeks to expand into the enterprise. Robotic report preparation anyone?
Narrative Science, which made a name for itself as the company that provides electronic robots capable of surfacing content is eyeing up the enterprise market. With a fresh $10 million funding round under its belt, the company believes the time is right to tap into enterprise data vaults.
Today, Narrative Science's Quill platform is often used to analyze structured data found in spreadsheets and then use that as the basis of preparing news summaries. re/code notes that Forbes uses Narrative Science to create earnings previews and reports and earlier in the summer, Jason Busch, CEO Spend Matters told me how his company uses Quill as the starting point for reporting on the companies they follow.
. The benefits are obvious:
- Data accuracy is assured
- Speed to market is improved
- Report volume can be substantially increased
More recently, Narrative Science has been targeting the financial services industry directly, claiming that its ability to create news can be extended into producing more long form reports of the kind that financial analysts and their clients see.
This potentially takes the company into unstructured data and beyond data gathering into full blown content production. The company already claims a clutch of financial services organizations as customers.
We have looked at this technology and may invest ourselves. The problem comes in adding the kind of nuance that only experience combined with data can bring. Even so, this is exciting stuff.
Thinking more long term, this is the kind of technology that could reveal significant insights among large, complex business groups. Right now, the technology is not there and you do need an analytics layer in order to get the best of it. Even so, the prospects are exciting.