Data Factory: Full Overview

Data is a very valuable tool for every organization. In fact, could you really say you have a business without it? Probably not. That being said, the nature of data matters as well. The wrong kind of information can slow down business or even completely halt its progress. Let’s check out the main stages in data management. And as all processes start when you acquire the beneficial data, here is the first approach to begin with:

 

#1: Acquire the Right Data

How do you find the right data? First of all, you have to completely understand who you are as a brand. When that is not an issue for you and your team, identify the best way of data acquisition. This process can be further broken down into top steps which can occur in any order. The steps involved include:

• Sourcing
• Contracting
• Extracting
• Transforming
• Loading

 

The main purpose of these steps is to isolate data so that you can zero in on the key aspects of it. Furthermore, you will be able to take advantage of the time you would have lost if you were presented with redundant information. Now, that we have the main idea, let’s proceed to look at some of the steps involved in gathering the right data.

 

Data sourcing

The main goal of data collection (or sourcing) is to enable a business to manage any potential risks it might face. It provides the right platform to get information that might have a key role in the operations of your firm. To do this effectively, however, you have to first identify the best and worst business operations. Understanding your strengths and weaknesses will point you in the right direction.

 

The world is full of valuable information and you should be taking advantage of this. As a business, you probably have a model that guides you through the sales process. This is akin to a to-do list with detailed steps highlighting what goals should be achieved and how to get them done. Each of these steps requires an input of data and any problem encountered can be avoided if the right information is used.

 

In order for your organization to be run successfully, you need to choose the right dataset. This is special data collected to achieve a certain task. In many cases, it can be altered to suit a wide range of different business actions. Your dataset is key to finding business solutions. That being said, the process of choosing the right one can be flexible. It all comes down to how quickly you require the data and the quantity of it.

 

Data contraction

Data contraction is an important step in the process of acquiring data. It is also one of the most involving steps and many could define it as tedious. However, it is unavoidable if all you want to do is maximize the use of data. The step of data contraction involves making sure that any data collected follows a certain list of rules or regulations put in place by governing bodies. For example, the CCPA in the state of California has such a role.

 

Cross-check the nature of the data being acquired, especially seeing to it that it was properly accessed without breaking any privacy laws. At this stage, your primary concern should be the security of your business and preventing any actions that could lead to a lawsuit as part of due diligence.

 

Extraction of data

Getting to this stage means you have understood the kind of data your organization needs and how it can help you achieve your goals. The stage of data extraction is designed to make the data reliable for problem-solving. Data is never scarce. In fact, there are so many sources that offer it in abundance and for no charge at all. A good example is data from satellites such as weather patterns.

 

The biggest challenge with having too much data is knowing when and how to use it. This is where extraction comes into play and answers the question, “What do I do with all this data?”. Like the previous stage, extraction requires a keen eye for detail and is best done under the supervision of an expert. Once you have figured out this step, you will be able to see subtle changes which will eventually make a huge difference down the line.

 

Developing your company

It is necessary to work hard on the business development to create a strong data funnel. You have to focus on building new connections in the market and find reliable professionals, consultations or projects to get effective and rich sources with information that your company may work with. That may help to be aware of what is going on in your niche.

 

Getting data and right valuations, traded history and more important information can take lots of your time and efforts. You can explore and get the best insights by using advanced tools and services that upload data frequently. This may give your company or startup a huge benefit and increase your value on the competitors market.