New York and Amsterdam – April 20, 2020 – Owlin, the leading provider of AI-powered text and news analytics solutions, today announced the launch of the Owlin COVID-19 Impact Monitor. It empowers businesses to monitor the economic impact of the novel virus in entirely new ways.
The publicly available monitor is a tool that allows users to automatically analyse millions of news articles per day, of which >185.000 daily articles are related to COVID-19, and discover the latest trends and economic developments around the pandemic within news articles and other financial data sources (i.e. stock prices). The monitor tracks important themes related to the coronavirus, such as bankruptcies and lays-offs. Moreover, users can deep-dive into the data for insightful exploration to determine impact per country, industry sector, and even individual company.
The release of the dashboard came in response to the enormous increase in demand Owlin received from its clients to track the impact and risks that COVID-19 will pose on investment portfolios, supply chains or the competitive landscape.
“What is the economic damage today? Economists and businesses alike are breaking their heads over that question”, said Sjoerd Leemhuis, Co-founder & CEO, Owlin. “The situation is changing so rapidly that the data traditionally used to measure the economy is out of date as soon as it is produced. That’s why we have developed this tool. It allows governments, financial institutions, and corporates to get a grip on the situation.”
The data are part of an alternative dataset, which an increasing number of asset managers, as well as governments and banks, are turning to for help to navigate the current crisis. It is outside the traditional realm of credit ratings, balance sheets, or income statements, and can help with what economists call “now-casting” (a contraction of the words now and forecasting), the exploitation of higher frequency data to get an early indicator of performance before official reports are released.