Data Glossary

10 MOST DATA DRIVEN COMPANIES

The 10 most data driven companies in the world are, according to CHAT GPT:

  1. Google
  1. Amazon
  1. Facebook
  1. Microsoft
  1. Alibaba
  1. IBM
  1. Baidu
  1. Oracle
  1. Apple
  1. Salesforce

ARTIFICIAL INTELLIGENCE

Artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems.

It includes overseeing every aspect of the data lifecycle: creating, preparing, using, storing, archiving, and deleting data, in accordance with an organization’s established data governance principles for promoting data quality and integrity.

Data stewardship encompasses:

  • Knowing what data an organization possesses
  • Understanding where that data is located
  • Ensuring that the data is accessible, usable, safe, and trusted
  • Safeguarding the transparency and accuracy of data lineage
  • Enforcing rules and regulations on how data can be used
  • Helping the organization make most of its data for competitive advantage
  • Driving toward a data-driven culture
  • Being an advocate for trusted data

BECOME DATA DRIVEN

The 5 first steps to become data driven are:

  1. Identify the specific goals and objectives that you want to achieve through data-driven decision making. This will help guide your data collection and analysis efforts.
  1. Develop a clear plan for how you will collect and analyze data to support your decision-making process. This may include identifying key metrics, setting up data tracking systems, and defining how you will use data to inform your decisions.
  1. Invest in the necessary tools and resources to support your data-driven efforts. This may include purchasing software and other tools to help you manage, analyze, and visualize your data, as well as hiring data analysts or other experts to help you make sense of your data.
  1. Engage with your team and stakeholders to ensure that everyone is on board with your data-driven approach. This may involve providing training and support to help others understand the value of data-driven decision making, and working with them to identify and prioritize data-driven initiatives.
  1. Continuously monitor and evaluate your data-driven efforts to ensure that they are delivering the desired results and making a positive impact on your organization. This may involve conducting regular assessments of your data-driven initiatives, and making adjustments as needed to ensure that you are achieving your goals and objectives.

BIG DATA

Big data refers to a large volume of data that is too complex and diverse to be processed and analyzed using traditional data processing tools and techniques.

This data is typically generated by a variety of sources, such as sensors, social media, and online transactions, and it can be structured, unstructured, or semi-structured. The goal of big data is to use advanced techniques and technologies, such as machine learning and data mining, to extract valuable insights and knowledge from this data. These insights can be used to improve decision-making, optimize business processes, and drive innovation.

DATA DASHBOARD

How do I design a data dashboard? Designing a data dashboard can be a complex process, as there are many factors to consider. Some key points to keep in mind when designing a data dashboard include:

  1. Identify the key metrics you want to track: Before you start designing your dashboard, it's important to identify the key metrics you want to track. This will help you focus your design and ensure that your dashboard is providing the information you need.
  1. Consider the layout and organization of your dashboard: The layout and organization of your dashboard can have a big impact on its usability. Consider using a clean and simple layout, and organizing your dashboard in a way that makes it easy to find and interpret the information you need.
  1. Use clear and concise labels: Make sure that the labels on your dashboard are clear and concise, so that users can easily understand what each element represents. Avoid using technical jargon or abbreviations that may not be familiar to all users.
  1. Use visualizations to display your data: Visualizations can be an effective way to display data on a dashboard, as they can make complex information easier to understand. Consider using charts, graphs, and other visual elements to display your data in a way that is easy to interpret.
  1. Test your dashboard with users: Before you launch your dashboard, it's important to test it with a group of users to ensure that it is effective and easy to use. This will help you identify any issues or improvements that may be needed before you make your dashboard available to all users.

DATA DRIVEN COMPANY

A data driven company is one that uses data to inform and guide its business decisions and strategies.

This type of company collects, analyzes, and interprets large amounts of data to gain insights and make data-driven decisions that help improve their operations and drive growth. This approach to business decision making allows companies to make more informed and effective decisions based on real-time data and trends.

DATA LAKE

A data lake is a large, centralized repository of raw data that is stored in its native format until it is needed for analysis. Unlike a data warehouse, which is designed to support structured, pre-defined queries and analysis, a data lake is designed to support ad hoc queries and exploratory analysis.

The data in a data lake can come from a variety of sources, such as social media feeds, sensor data, log files, and other sources of unstructured and semi-structured data. The data is typically stored in a distributed file system, such as Hadoop Distributed File System (HDFS), or in cloud-based storage systems.

The main advantage of a data lake is that it allows organizations to store large volumes of raw data in a cost-effective manner. It also provides data scientists and analysts with greater flexibility in terms of the types of analysis that can be performed, as the data is stored in its raw form and can be transformed as needed.

However, data lakes can also present some challenges. Because the data is stored in its raw form, it can be difficult to manage and ensure the quality of the data. In addition, it can be challenging to find and access the data needed for specific analyses, as there may be large volumes of unstructured and semi-structured data to sift through. As a result, effective metadata management and data governance are critical to the success of a data lake.

DATA SCIENCE vs BIG DATA

Data science is a field that involves using various techniques and methods to extract knowledge and insights from data, while big data refers to large volumes of data that are difficult to process and analyze using traditional methods.

Data science is a field that involves using various techniques and methods to extract knowledge and insights from data, while big data refers to large volumes of data that are difficult to process and analyze using traditional methods. Data science involves a wide range of techniques and methods, including machine learning, statistical analysis, and data mining, while big data focuses on the challenges and opportunities associated with managing, storing, and analyzing large amounts of data. In summary, data science is a field that uses various techniques and methods to extract insights from data, while big data refers to the challenges and opportunities associated with managing and analyzing large amounts of data.

DATA SCIENTIST vs DATA ANALYST

A data scientist is a professional who uses various methods and techniques to extract insights and knowledge from large amounts of data. A data analyst, on the other hand, is a professional who focuses on using data to answer specific business questions and provide actionable insights.

A data scientist is a professional who uses various methods and techniques to extract insights and knowledge from large amounts of data. This includes tasks such as developing algorithms, statistical modeling, and machine learning techniques to analyze and interpret complex data sets. A data analyst, on the other hand, is a professional who focuses on using data to answer specific business questions and provide actionable insights. This often involves tasks such as data cleaning, visualization, and statistical analysis to support decision making. While both roles involve working with data, the focus and scope of their work can differ.

DATA STEWARDSHIP

Data stewardship is the collection of practices that ensure an organization’s data is accessible, usable, safe, and trusted.

It includes overseeing every aspect of the data lifecycle: creating, preparing, using, storing, archiving, and deleting data, in accordance with an organization’s established data governance principles for promoting data quality and integrity.

Data stewardship encompasses:

  • Knowing what data an organization possesses
  • Understanding where that data is located
  • Ensuring that the data is accessible, usable, safe, and trusted
  • Safeguarding the transparency and accuracy of data lineage
  • Enforcing rules and regulations on how data can be used
  • Helping the organization make most of its data for competitive advantage
  • Driving toward a data-driven culture
  • Being an advocate for trusted data

DATA STRATEGY

A data strategy is a long-term plan that defines the technology, processes, people, and rules required to manage an organization’s information assets.

It includes overseeing every aspect of the data lifecycle: creating, preparing, using, storing, archiving, and deleting data, in accordance with an organization’s established data governance principles for promoting data quality and integrity.

Data stewardship encompasses:

  • Knowing what data an organization possesses
  • Understanding where that data is located
  • Ensuring that the data is accessible, usable, safe, and trusted
  • Safeguarding the transparency and accuracy of data lineage
  • Enforcing rules and regulations on how data can be used
  • Helping the organization make most of its data for competitive advantage
  • Driving toward a data-driven culture
  • Being an advocate for trusted data

DATA TRANSFORMATION ROADMAP

A data transformation roadmap is a plan that outlines the steps and strategies for transforming an organization's data into actionable insights and business value.

It typically includes goals and objectives, timelines, resources and budgets, key performance indicators, and potential challenges and solutions. The roadmap is designed to guide the organization in achieving its data transformation goals and maximizing the value of its data assets.

DATA WAREHOUSE

A data warehouse is a large, centralized repository of data that is specifically designed to support business intelligence (BI) activities, such as data analysis, reporting, and decision-making.

The data in a data warehouse is typically extracted from a variety of sources, such as transactional databases, operational systems, and other sources of internal and external data. This data is then transformed and loaded into the data warehouse, where it is organized and optimized for querying and analysis.

Data warehouses are designed to support complex analytical queries, such as ad hoc queries, drill-down queries, and data mining. They are optimized for read-intensive operations and can handle large volumes of data. In addition, data warehouses typically support a wide range of data integration and management tools, such as data modeling, ETL (extract, transform, load) processes, and data quality management.

Overall, data warehouses play a critical role in helping organizations to gain insights from their data and make informed business decisions.

DEEP TECH

Deep technology is a classification of organization, or more typically startup company, with the expressed objective of providing technology solutions based on substantial scientific or engineering challenges.

It includes overseeing every aspect of the data lifecycle: creating, preparing, using, storing, archiving, and deleting data, in accordance with an organization’s established data governance principles for promoting data quality and integrity.

Data stewardship encompasses:

  • Knowing what data an organization possesses
  • Understanding where that data is located
  • Ensuring that the data is accessible, usable, safe, and trusted
  • Safeguarding the transparency and accuracy of data lineage
  • Enforcing rules and regulations on how data can be used
  • Helping the organization make most of its data for competitive advantage
  • Driving toward a data-driven culture
  • Being an advocate for trusted data

STRATEGY FOR DATA DRIVEN CULTURE

Building a data-driven culture within an organization is a complex process that requires a clear strategy and strong leadership. Here are some key steps that can help to establish a data-driven culture:

  1. Develop a clear vision: Begin by defining a clear vision for how data will be used within the organization. This should include specific goals and objectives, as well as a plan for how data will be collected, analyzed, and used to drive decision-making.
  2. Establish a strong data infrastructure: Implement a robust data infrastructure that can support the collection, storage, and analysis of data. This should include data management tools and platforms, as well as processes for data quality control and governance.
  3. Invest in training and education: Provide training and education programs to help employees develop the necessary skills and knowledge to work with data. This could include data analysis tools and techniques, as well as data visualization and communication skills.
  4. Foster a culture of collaboration: Encourage collaboration and teamwork across departments and teams to promote the sharing of data and insights. This can help to break down silos and promote a culture of data-driven decision-making.
  5. Measure and track progress: Regularly measure and track progress towards data-driven goals and objectives. This can help to identify areas for improvement and make adjustments as needed.
  6. Promote transparency: Foster a culture of transparency and open communication around data and analysis. This can help to build trust and encourage employees to be more data-driven in their decision-making.
  7. Continuously improve: Continuously improve data processes and infrastructure to ensure that they are aligned with the needs of the organization. This could include regularly evaluating and updating data tools and platforms, as well as refining data governance and quality control processes.

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