Data Economy Flashcards
What is data economy?
What is personal data and transactional data?
Personal data economy?
Personal data: name, gender, age
Transactional data: purchase patterns, preferences
Personal data economy or also known as internet of me
• Users are in full control of the content and information provided
• Example: social media
What is known as the internet of ‘me’?
Personal data economy
Ex social media
What is algorithm data economy?
The “algorithm economy” is a term established by Gartner to describe the next wave of innovation, where developers can produce, distribute, and commercialize their code
Explain Big Data and the 5 V’s
Big data is a field that aims to extract value from exceptionally big volumes of data.
See GoodNotes
Draw and understand the graphic of the combination of data and platform economy
Which part is process analytics and data analytics?
See good notes
Explain the different steps of data analysis and process analysis
See Goodnotes
What is process mining ?
Process mining comprises techniques in the area of business process management that serve to analyse business processes.
It is composed of data analytics + process analysis
Explain data flow and data processing
GoodNotes
Explain the difference between unstructured and structured data
What are the benefits of structured data?
Structured data is highly specific and is stored in a predefined format, where unstructured data is a conglomeration of many varied types of data that are stored in their native formats. This means that structured data takes advantage of schema-on-write and unstructured data employs schema-on-read.
structured data include customer relationship management (CRM), invoicing systems, product databases, and contact lists. Unstructured data includes various content such as documents, videos, audio files, posts on social media, and emails.
Machine algorithms can easily crawl and use structured data which simplifies querying
Easier to organise and interpret results of projects or goals
