Basic Concepts of Data Management Flashcards
What are the areas/subject of data management?
- Data Governance
- Data Architecture
- Data Modelling and Design
- Data Storage and Operations
- Data Security
- Data Integration
- Document and Content Management
- Master Data Management and Reference Data Management
- Metadata Management
- Data Quality
- Data Warehousing and Business Intelligence.
What is Data?
- A stored representation of meaningful events and objects.
- Data can be structured (numbers, text) and unstructured (pictures, documents).
- Data can be digital, on paper as well as on database.
What is information?
It is processed data, it’s data in context.
Ultimately it leads to better decisions.
High quality and reliable data/information is a competitive advantage.
Pyramid: data, information, knowledge and wisdom.
Some characteristics of Data
- Data can’t be consumed after its use.
- It can be easily transport/moved.
- It is hard to recover, if lost or destroyed.
- It can be stolen without going nowhere.
- It is both “the fact” and its interpretation.
- It’s complicated to give a value in economic terms but it should be done.
What is Transactional Data?
It is the data generated by daily operations,
It captures a real-time activity or event such as:
Sales, orders, purchases, payments, financial transactions.
What is Master Data?
It is the foundational or core data which is shared across the organization in multiple systems and applications.
This foundational data regards core business entities such as employees, products, customers and locations.
What is Reference Data?
It is data used to categorize and classify other data.
It is crucial in data consistency, data integration and data quality,
For example: country code, currency, category.
What is Metadata?
It is data that describe other data.
It gives the context to data, facilitating its understanding and management.
It provides a descriptive representation of other data (definition, data lineage, structure).
Example: a Document is the data.
Metadata: creation date, extension of the file, owner, etc.
What is a database?
It is an organized collection of logically related data.
Why data is important?
Because:
- It is an organizational asset with strategic value and it has unique properties.
- It gives useful insight about customers, products and services, helping an organization to reach strategic goals.
Definition of DM
It’s the DEVELOPMENT, EXECUTION and SUPERVISION of
PLANS, PROGRAMS, PROJECTS
POLICIES, PRACTICES
TO deliver, control, protect and enhance data value and information assets during their whole lifecycle.
Which is the primary driver for DM?
- Allowing organization to get value out of their data assets.
- Data is fit for purpose, tailored on stakeholder’s needs of data quality.
How do you attribute financial value to data?
By comparing costs Vs benefits such as
Costs:
1. Cost of obtaining and storing data.
2. Cost of replacing or recovering data.
3. Cost of risk mitigation or risks associated to DM.
Benefits:
1. New revenues generated from innovative use of data.
2. Revenues for selling data.
3. Revenues from high quality data.
Some consequences of having poor data
- Organizational inefficiencies and conflicts.
- Inability to innovate.
- Low customer’s satisfaction and employee’s satisfaction.
- Low productivity.
- Low compliance + risks of fines.
- Reputational consequences.
Is DM a complex job?
Yes, it is BECAUSE:
- Data can be created internally and can come from external sources.
- DM is cross-functional, it requires technical and non-technical skills.
- Everyone is responsible for DM.
- Different departments can have different ways to look at the same data (a customer for example).
