Unit 3: Data Acquisition, Quality and Strategy Faculty: Dr. Adam Mersereau and Dr. Brad Staats
Types of Data Sources (Where Does Data Come from?): • Internal Data: Proprietary data that is specific to an organization.
• Secondary Data: This could be available at the industry level. Or a company that collects and resells data. • Generate Data: Surveys, focus group, experiments, and sensors. Estimated 50 billion sensor objects by 2020. “Big Data” refers to sensors, internet, text data, and voice data. The Three V’s: • Volume (Big) – Size of the datasets. • Velocity (Fast) – Data is rapidly generated in real time. • Variety (Ugly) – Less curated than traditional static datasets, includes unstructured data. Case study: Disney World Retail and Big Data - How It’s Used: • Inventory tracking • Customer tracking • Associate empowerment Big Data, Definition and Concerns: “Big Data” is a huge quantity of data being captured from different sources, without traditional data structure, as a fine level of granularity, and in real time. • What technologies are required to store, analyze, and structure such a large amount of data? • What ethical challenges do we have in terms of transparency and customer privacy? • Are we sampling the right data? • Are we inferring correctly? • Are we creatively using Big Data to solve our problems? Data Quality Concerns:
• 1 in 3 business leaders lack faith in the data given to them. • Data quality concerns cost businesses $3 trillion annually. • Data quality issues are demonstrated across industries. • Anywhere from 2% - 25% of clinical pharmaceutical trial data is wrong. Five Stages of Analytical Development: • Analytically impaired • Localized analytics
• Analytical aspirations • Analytical companies • Analytical competitors
Key Takeaways: • Origin of data: Big data comes at a high volume, high velocity, and high variety. • Ensure data quality: Put processes in place to make sure your data is correct and people believe it. • Types of data to gather or invest: Create a data strategy for your organization.
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