Module 6 - The 5 domains of digital transformation (Data)

Question 1

Data

Answer 1

information, especially facts or numbers, collected to be examined and considered and used to help decision-making, or information in an electronic form that can be stored and used by a computer (this definition is from Cambridge Dictionary).

Question 2

Big data

Answer 2

refers to the large, diverse sets of information that grow at ever-increasing rates. It encompasses the volume of information, the velocity or speed at which it is created and collected, and the variety or scope of the data points being covered (known as the “three v’s” of big data) (this definition is from Investopedia).

Question 3

Volume

Answer 3

the quantity of generated and stored data.

Question 4

Variety

Answer 4

the type and nature of the data (structured or unstructured).

Question 5

Velocity

Answer 5

the speed at which the data is generated and processed to meet the demands and challenges that lie in the path of growth and development.

Question 6

Unstructured data

Answer 6

refers to data that is not organized or set out in neat fields (this definition is from Brandwatch).

Question 7

Structured data

Answer 7

refers to data that is formatted in such a way that extracting insights is simple, often sitting in a database. It’s already laid out in an orderly way which makes analysis easier (this definition is from Brandwatch).

Question 8

Artificial Intelligence

Answer 8

the simulation of human intelligence processes by machines (e.g., computers, robots, other consumer electronics, etc.)

Question 9

Targeting

Answer 9

the process of reaching out to specific groups of customers by, for instance, showing them advertisement. Targeting involves market segmentation.

Question 10

Insight

Answer 10

a clear, deep understanding of a complicated problem or situation. In the context of digital marketing, “insight” refers to understanding the nature of the relationship between variables.

Question 11

Variable

Answer 11

any characteristics, number, or quantity that can be measured or counted. Examples of variables are: gender, age, shopping basket size, customer satisfaction, purchasing behavior, etc.

Question 12

Personalization

Answer 12

the act of tailoring an experience or communication based on information a company has learned about an individual (this definition is from Salesforce).