Why you should use our data
An explosion of data and advances in the application of artificial intelligence means more data than ever before is being used to understand our economy. New institutions will compete, answering new questions in new ways, the data city is one of these new institutions. The Data City’s mission is to provide the best possible data to economic policy development and measurement.
You should use our data because:
- It’s the best data available and it is constantly getting better
- We believe in being ‘radically open’. Get an always on monthly updated data set, available to you and published openly
- Don’t just buy a report, your question will be answered as a website that displays the data for everyone to use
Introducing RTIC Codes
At The Data City, we have created our own alternative industrial classification methodology and codes that we refer to as ‘Real-Time Industrial Classification’ Codes, abbreviated to RTIC Codes.
An RTIC code refers to a sector we have classified using our Machine learning process to group organisations into a sector defined by a training set. Our algorithms analyse all UK organisations to determine whether they look like the organisations that we have identified represent the sector of interest, and give each organisation a score representing how strongly they match. Results are manually checked until an accuracy threshold is met and our sector is then defined and published.
RTIC code example
To define a new sector such as the Internet of Things (IoT) where there is no SIC code classification available, a training set list of IoT companies is manually created by our data scientists and then our Machine Learning algorithms compare all 4.2 million companies in our database against the training set. The results are manually checked, false positives identified and added to the training set and the process repeated until an accuracy threshold is achieved. Our classifications are then automatically updated with each refresh of our data and the quality constantly improved through analysis of the results and feedback from users of our data.
In our 2019 Digital Technology Census we have been able to classify organisations as active in the IoT sector 1556 times using this method.
How does it work?
We are collecting an ever increasing amount of data on the UK’s economy, adding new context to over 4.2 million organisations, their work, people, location, ‘clusters’, sectors and more. We are using advanced data science to make sense of this data to enable us to quickly and efficiently provide you with the data you need to make and measure decisions.
How can it help you?
At the heart of our promise is quick access to the data you need to answer your problem. Instead of commissioning consultancies to collect the data you need (often over two thirds of the cost) and then provide a report, we provide the data you need as an always on service published into the public domain as a website that updates monthly. You are free to use this data with consultants, internally, however you need to. This removes the data collection stage, speeds up the report generation process and means you have access not only to the report conclusions but also the data.
Some examples of questions we have helped to answer are:
- How many IoT businesses are there in the UK, where are they, what size are they and are they growing?
- How many digital businesses are there in the city region?
- Can you create an ‘index of innovation’ for the UK?
- What impact has our tech accelerator had?
- Should this organisation relocate its headquarters here?
Take a look at the projects section of this website for more detailed examples or get in touch to discouss your questions with our team.