Equity analysts and quant funds use alternative data for different reasons and in different ways. Quants want data that slots into a systematic factor model: normalized, historically consistent, and API-accessible. Analysts want data that helps them make better calls on the companies they cover, in the context of a fundamental research process that already includes earnings models, channel checks, and management conversations.
This post is for the analyst. Not the quant. What data actually moves the needle for company-level fundamental research, what tends to be noise, and how to integrate it