Alternative data is data from non-traditional data sources that investors use to evaluate companies or investment opportunities. This includes data from the web which could be financial statements, press releases, etc. What counts as alternative data will depend upon your industry and the traditional data sources that are already widely used by you and your competitors.
The value is simple: the use and the analysis of alternative data drives unique insights and actions for your business beyond those that regular data sources are capable of providing. Alternative data can therefore be a very important competitive differentiator.