Businesses need to understand and make use of data in order to succeed. Data helps business owners and managers understand their businesses better, thereby being able to make informed decisions that will improve results. Having a solid grasp of data and how to use it also assists businesses in streamlining operations and improving business processes.
However, you don’t have to be a data specialist in order to benefit from the use of data. It starts with understanding basic data terms and the language of data. Data consultancies can offer solutions that support, protect, and enhance your data throughout its lifecycle. However, it’s in your best interests to understand data terms before you can make the best possible use of such solutions.
Top Five Data Terms You Must Know
Even if you are a novice in the evolving data industry, understanding some of the most important data terminology will help you communicate better with data specialists and analysts. Here are the top five data terms you need to know:
- Data Ethics
Data ethics deals with the identity, ownership, privacy, and reputation of data. It is concerned with moral issues related to data, including how it is generated, recorded, curated, processed, disseminated, shared, and used. The term reminds us of the need to uphold the rights of data owners and the right ways to convey data without distortion or undue censorship.
- Reference Data
It is always necessary to classify data systematically. Reference data is the data that is used to classify or categorise other data. Common examples include country codes, units of measurements, and fixed conversion rates. Reference data has to be precise so that humans and machines can use it to safely convey meaning and make decisions. It helps to promote the integrity of data.
- Data Quality
Data quality can be defined as the overall utility of a dataset as a function of its ability to be easily processed and analysed for other uses. It is concerned with the integrity and usefulness of data. Quality data is data that is fit for the intended purpose. Such data, when analysed, will give correct and useful results.
Metadata is primarily defined as a set of data that describes and gives information about other data. It adds meaning and context to specific data and also helps to assure the quality of that data. Metadata provides the information that will make finding, classifying, and working with data easier.
- Data Requirement
Data requirement establishes the data needed to achieve a particular objective. It can be in the form of a statement that specifically describes the needed data, as well as the quality, in order to achieve a defined purpose or outcome. Data requirement can expressly establish the process to identify, prioritise, formulate, and validate data for specific purposes.
Understand Data Terms In Order To Get The Right Solution For Your Business
Your knowledge of data terminology can help you make more swift and definitive decisions when it comes to your data. We are here to offer our assistance in aligning your business decisions with data.
Contact us and we will help you get started as a data-driven business.