2.1: INTERNAL AND EXTERNAL DATA SOURCES Flashcards
What are the different varieties and sources of data?
Data come in various forms, ranging from messy with missing or erroneous data to complete and error-free.
Some data are internal, already housed within a company, while others are external, located outside the company and may require effort and resources to access.
What are internal data sources in companies?
Internal data sources encompass integrated databases used to store data generated during daily business operations, covering various aspects like sales, purchasing, accounts, manufacturing, customers, suppliers, inventory, and employees.
How do authorized personnel access data from internal databases?
Authorized personnel can easily request specific data from internal databases for analysis, and the data are typically provided in the desired format.
What is an ERP system in the context of internal data management?
An ERP (Enterprise Resource Planning) system is business management software that integrates applications across different business functions, such as manufacturing, accounting, finance, and human resources, into a centralized database.
It’s used when companies outgrow smaller databases to streamline processes.
Which are some popular ERP vendors, and what is a key benefit of using ERP systems?
Popular ERP vendors include SAP, Oracle, and Workday. ERP systems provide the benefit of integrating a company’s various systems, ensuring “one version of the truth.”
This integration prevents inconsistencies in product codes, quantities on hand, and financial value formatting across systems, which could otherwise lead to inaccurate reporting and decision-making.
What is the purpose of centralized relational databases?
Centralized relational databases store data to ensure completeness, reduce redundancy, enforce business rules, and facilitate communication and integration of business processes.
What are the components of a relational database?
A relational database consists of tables, fields, and records.
Tables organize data into columns (fields) and rows (records).
What is the role of a primary key in a table?
A primary key is a field that uniquely identifies each record in a table. Every table in a relational database must have a primary key.
What is a foreign key in a relational database?
A foreign key is a field that creates relationships between tables by referencing the primary key of another table. It allows users to look up related data.
Foreign keys are not required in every table. They are used when there is a need to establish a relationship between tables for looking up related data.
How can a new customer be added to a transaction in a relational database?
To add a new customer to a transaction, the customer’s data must be recorded in the Customers table first. The new customer is then associated with the next sequential number in the primary key field, and this new Customer ID can be added to the Transaction table.
Rational Databse: Primary key and Foreign Key
Why do companies consider external data sources for business analysis?
Companies consider external data sources to provide additional context for decision-making when rolling out new products, expanding operations, or downsizing.
What are some examples of external data sources for business analysis?
External data sources include social media data, US Census Bureau data, Small Business Administration (SBA) data, and publicly available financial data.
How can social media data be used for business analysis?
Social media data can provide insights into audience engagement, click-through rates, and behavior patterns.
Tools like HootSuite and Google Analytics help analyze social media activity.
What are APIs, and how are they related to social media management software?
APIs (application programming interfaces) are tools used to exchange data between different software.
Social media management software like HootSuite and Google Analytics use APIs to show social media activity across multiple platforms on one page.
