Data Sourcing AIQ-1

 

Data Sourcing

Data Sourcing is the process by which companies identify, extract and integrate data from internal, commercial, and public sources.

Why does Data Sourcing matter?

To drive the maximum value of data, companies need to be on the lookout for other sources of data to continue enhancing their data asset. This process of "data hunting" requires a keen understanding of the overall business domain, coupled with understanding of data rights and licensing and an appetite for creative deal making.

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Data Asset Strategy

Strategy to manage and develop data as a business asset in support of decision-making, product development, and developing strategic differentiators.

My organization understands the value of data assets and an executive sponsor with investment is spearheading a data monetization initiative.

The presence of an executive sponsor is a clear sign of organizational focus, ensuring data sourcing is aligned with organizational goals and adequately resourced.

My organization's subject matter experts (SMEs) have a comprehensive understanding of the business problems that justify acquiring and using data.

A subject matter expert is an individual with a deep understanding of a particular job, process, function, etc.  They should be able to identify a business problem, its underlying intricacies, and use this information to justify the procurement of external data.

My organization catalogs data assets to support data discovery initiatives and derive data-driven insights.

Data discovery is a process of exploring data through visual tools that can help non-technical business leaders find new patterns and outliers to help an organization better understand the insights their data has to offer.

Partnerships & Procurement

Acquiring and integrating external data through partnerships and procurements to expand the data ecosystem used to drive business decisions and discover insights.

My organization works with outside vendors to procure external data, obtains appropriate licensing to use the external data, and makes use of that external data.

External data refers to any type of data that has been captured, processed, and provided from outside the company.  Companies use external data to augment their decision-making, better meet customer needs, predict supply and demand, etc. A data license should address the manner of delivery, maintenance and control of the data, as well as data security policies, practices and protocols, in particular where the data comprises personal or sensitive financial, technical or commercial information.

My organization has data hunters - people that have business development skills and experience in identifying and negotiating with potential strategic data partners.

Data Sourcing requires a unique combination of skills and focus that are challenging to do “off the side of one’s desk”. The presence of dedicated Data Hunters shows a deep commitment to data sourcing and it’s value to the organization.

My organization has data hunters in the product management team or effectively work with product management and engineering to successfully integrate new external datasets

A feasibility study is an analysis that considers a series of factors — the data available, accuracy and confidence of the solution's output, etc. — to determine its viability for production use.

Data Discovery

Processes to identify valuable external sources of data and how to create metadata.

My organization regularly takes advantage of open source, public and third party data assets and has processes to procure them efficiently.

Third-party data refers to data that is owned by another organization and is not free.

My organization has people, processes and tools to facilitate labeling and application of metadata.

Data labeling is the process of adding metadata to data. For example, a data labeling service can take a video and label each frame of the video with "Yes" when a cat is present.

Learn more about Data Sourcing

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Data Sourcing - AIQ Capability Overview

Data Sourcing is the process by which companies identify, extract and integrate data from internal, commercial, and...

Complete the AIQ assessment