If you are looking to contract a data business to utilize for your business you are not the only one. Data as a service has become immensely popular recently, and for good reason. Data professionals can provide your business with extremely detailed and high-quality information to help you create strategies for marketing and branding. This data is very valuable to any business so it is wise to choose a reputable data business with a good understanding of the three pillars of data.
Pillar 1: Data Acquisition
Companies can acquire data in many ways, but every one of them needs to be good in at least one way. Data can be acquired in a variety of ways, including:
You can co-opt your customers’ data (typically for free) in return for analytics. This provides overall cost savings to the data business which will help a business owner save costs for the data in the long run.
To get data, you must create strong long-term business development deals. The process of negotiating these agreements can be time-consuming and expensive. Although this is an expensive way to acquire data, it can provide some of the most high-quality data available and is worth the overall investment.
A search engine, like Google, is an example of a company that compiles great public data. Instead of paying directly for the data, they crawl the web (which can be very expensive). Costs associated with acquiring the data are below the line here.
If the data as a service provider you are looking into utilizes similar acquisition techniques or expands on these technologies, then you know you are dealing with a set of professionals.
Pillar 2: Data Transformation
There are thousands of sources from which you can acquire data. In order to make the data more useful, you need to fuse it together.
Graphing the datasets together is essential to ask questions across the datasets, regardless of where the data comes from. Joining more datasets will enable you to ask more interesting questions.
Transformations can be very simple (such as converting local time to UTC) or extremely complex. Rather than building models, data scientists spend 90% of their time analyzing data. All the ML magic happens here if the data company uses machine learning (which is the case with most good data companies).
Pillar 3: Data Delivery
Are they getting a batch file from an enterprise solution? Do you know if it’s an API? Does the UI offer self-service? Can you integrate with existing platforms?
Is the data streamed in real-time? Do you compile the data on a monthly basis? What are its reliability and timeliness?
How well documented and defined is the data? Is it filled with incomprehensible columns and poor data dictionaries?
Are assumptions and transformations documented in the data? What assumptions and filters are hidden?
These are all extremely important questions to keep in mind when selecting a DaaS provider. The best professionals will have the answers to these questions. These answers will be thorough, follow best practices, and explain expectations clearly.
Data Pillars Are Key
Data pillars are key when it comes to selecting the right DaaS company. A DaaS company that is full of professionals will ensure they utilize these pillars to provide their clients with the best data possible. This will only enhance your company overall.
