For this project we setup a data flow from zero. We followed our typical steps
(1) Determine business goals
(2) Explore data
(3) Outline technical plan
(4) Implement first version
(5) Iterate until project goals are achieved
The business goal was to use data to intelligently time the conversion between euros and foreign currencies using web data from the European Central Bank. We came up with the following questions to guide the presentation of the data:
- What is the current exchange rate?
- What is the recent trend in the exchange rate?
- How does the current exchange rate compare to historical rates?
Following an
initial analysis to explore the quality and characteristics of the data source, we came up with a technical architecture proposal. In this case, the goal was to keep maintenance costs as low as possible which led to the decision to use open source tools like Python and PostgreSQL.
Technical implementation took under a month and resulted in an effective insights dashboard (embedded below) that is very cheap (<$15) to maintain. For a more in-depth description of project steps see the
blog post.