News Data

What is News Data?

News data is a sub-category of web data. It is information derived from various sources all over the internet to be used in analysis. News data is often used to create strategies especially in trading, but can also be used in advertising, trends modelling and market analysis. News data is derived from web texts, after which it is analyzed through the use of tools such as machine learning (ML) and natural language processing (NLP), as well as other analyzing tools to calculate news sentiment.

How is News Data collected?

News data is collected from and by a variety of sources on the internet. News data is collected in raw form as web metrics, newsletter subscriptions, and advertising impressions. Such data is collected through the means of surveys, questionnaires, opinions and interviews. It may also be collected through insights from web analytics or digital footprints and web activity. News data is collected, recorded and analyzed. Market research and opinions from experts, traders, firms, as well as regulatory bodies all contribute to the process of news data collection. After this, the data is then disseminated, ready to use in making decisions and strategy planning.

What are the attributes of News Data?

News data must possess certain attributes before it is considered verified, accurate and trustworthy. Primarily, there are a few factors to be considered when purchasing news data.
Qualitative nature: qualitative attributes refer to certain qualities or characteristics such as nominal values, dealing with names and symbols. It must also have binary attributes, as well as be ordinal.
Quantitative nature: this concerns the numeric values in news.
These attributes are what should be consistently present in any news dataset. The absence of any could render the dataset incomplete and therefore of no use. Any decisions based on the data would be misinformed.

What is News Data used for?

News data is primarily useful for the valuation of stock prices and property. Information from the general real estate market and stock exchanges helps to determine the value of properties and finanical assets. Undervalued properties and stocks are noticed, overpriced properties are regulated, and competitive valuation is facilitated by news data. In a nutshell, price determination of properties in real estate and stocks in the financial market is facilitated by news data. Real estate and stock market investors use news data to stay ahead of their competition. In a wider sense, news data is used to make decisions and assessments across industries and verticals.

How can a user assess the quality of News Data?

News data is just like any other data - it’s only useful if it’s high-quality. To determine the quality of news data and for a news dataset to be considered of high quality, then it must pass certain tests.
First of all, news data must be reliable. It must come from reliable sources that can be trusted. This means buying from data providers which have good reviews and solid customer testimonials. News data must also be precise, and must not contain any errors whatsoever. News data also has to operate on the basis of timeliness, as newsworthy events are always occurring, and decisions need to be made quickly so that investment opportunities are not missed.