Download - April 2014 building data science keynote at Boston Data Science Meetup - Crowdsourcing Data Science
BUILDING DATA SCIENCE AT THOMSON REUTERS – MONA VERNON
Who is Thomson Reuters?
Tax & Accounting
Financial & Risk
Integrated tax compliance and
accounting information, software
& services for professionals in
accounting firms, corporations,
law firms and government.
Intellectual Property
& Science
Legal
Comprehensive IP & scientific
information, decision support
tools & services to enable
governments, academia, publishers,
corporations & law firms.
Critical information, decision
support tools, software &
services to legal, investigation,
business and government
professionals.
Critical news, information &
analytics, enables transactions,
and connects trading, investing,
financial and corporate
professionals.
Key products include: Eikon, Thomson One, Reuters
3000 Xtra, Datastream, FXall
Key products include: WestlawNext, FindLaw, Firm
Central, Concourse, CLEAR
Key products include: OneSource, Checkpoint, CS
Professional Suite, Government Revenue Management
Key products include: Web of Knowledge, Cortellis,
ScholarOne, Thomson IP Manager, Mark Monitor
The Data Innovation Lab
• Small group (~10 people) focused on data
innovation, led by Mona Vernon
• Partner with customers, third parties, and internal
BU-led teams on new data-driven innovations such
as revealing new relationships and data mining for
new patterns, and deliver data visualization
prototypes
• Leverage the investments made in the big
data store, metadata, and open
and social data
• Experiment with mash-ups of internal and
external data in novel ways
• Partner with Central Strategy to estimate
potential and market-size for new data
innovation opportunities
Building on the Foundation
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Spectrum of analytics arranged from most human-based to most machine-based
• Human Driven: Expert Reports
– Fundamental research and analysis
– Pricing exotic derivatives like a trader
• Quant Research: Predictive and Performance Models
– Quant and analytical models mimicking human judgment
– Sentiment engines aggregating opinions
• Data Science: Predictive and Actionable Algorithms
– Predictive Machine Learning
– Persistent Point-in-Time Historical Analytics
– Point-in-Time Entity Mapping and Alignment
• Text Analytics: Descriptive Algorithms
– Tagging meta-data and parsing
– Search algorithms
• Development: Calculation Apps
– Bond and derivatives calculators, volatility surfaces
– Optimizing on-the-fly calculations for speed
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Companies discover new data-driven solutions from their employees, customers and expert crowds using open innovation
WOK Challenge
sought ideas and
apps built on the
WOK API‟s around
data visualization of
author relationships
Legal‟s Hunt for Big
Data Challenge
sought new open
data sources that
could be added to
existing products or
used to create new
products
Open innovation allows companies to tap into the
wisdom of the crowds to solve business problems,
unlock value and find break-through innovations
Private Cloud
Challenge seeks
novel uses for the
Thomson Reuters
Cloud recently
launched this year
Thomson
Reuters
Open
Innovation
Portal Crowd
Problem
Solutions
Examples:
Phase 1 Challenge: Ideation / Use Cases for WOK
Launched January 24th on
InnoCentive.com, Nature.com and
PopSci
• Announced at ALA event
• 6,626 Challenge page visits
• 830 project rooms
• 177 submissions
• Challenge closed February 24th
RESULTS
• Awarded 1st , 2nd & 3rd place
finishers
• Multiple themes captured
• Customers actively involved
Phase 2 Challenge: Build an „app‟ / data visualization
Launched May 2nd on
InnoCentive.com, Nature.com and
Scientific American
• Deadline is July 25, 2013
• 426 Solvers and Teams
working on the Challenge as of
May 20th
• Credential access provided to
Web of Knowledge API
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Winning Solution – Web of Science Browser Document review with connections and relative significance displayed visually
• 1,672 Solvers from 87 Countries Participated
• 193 Submissions from 38 Countries.
Overall WOK Challenge Global Reach
Challenge-Driven Innovation Works Well For…
Accelerating past hurdles
Search for opportunities, then crowdsource the
prototype build
Diversity - find the uniquely prepared mind
Locate an answer hidden “in someone‟s pocket”
Increase clockspeed with a parallel capacity to
product development, process improvement
What Doesn‟t Make a Good Challenge
• Unsolved industry-wide problems that cannot be separated from context or
technical domain
• Ill-defined boundaries (uncertainty increases Solvers‟ perceived risk)
• Requires multi-disciplinary approach or integration
• Asymmetrical information between Seeker/Solver (pricing, patents, etc.)
Open Innovation Challenge Benefits
• Demonstrates thought leadership
• Encourages interaction/collaboration
• Discovery of novel ideas & solutions
• Builds a “problem-solving” community
• Results orientated focus, pay-for-
performance model
• Can be applied to any problem
regardless of channel
• Talent identification
• Experience
• External validation
• Good for the team/company
• Opportunity for impact
• Intellectual challenge
• Competition
• Awards & Recognition
• Talent display
Sponsors Employees
THANK YOU
@monavernon