Coaching Session 3 : Data is the New Oil

In this section you will learn:

1. The Data is the World’s Most Valuable Commodity 
2. The Data Analytics Job Families 
3. Data Analysts need to explain how companies conceptualize analytics

DATA IS THE NEW OIL

1. Like oil, data is a valuable resource that must be extracted and refined to be useful.
2. Both oil and data have the potential to generate significant economic value.
3. Data is a finite resource, and those who control it have a significant advantage.
4. Like oil, data can be used to create negative externalities.

In 1990, the stock market was dominated by industries such as finance, energy, and technology.

1. IBM
2. GE
3. Exxon Mobil
4. Altria
5. Merck
6. Walmart
7. Coke 
8. Chevron

In 2020, the stock market was dominated by technology companies.

1. Microsoft
2. Apple 
3. Amazon
4. Google 
5. Facebook
6. Berkshire Hathaway
7. Johnson & Johnson
8. Walmart

DATA JOB FAMILIES 

1. Data Steward / Collector 
2. Data Engineer
3. Data Scientist / Modeler
4. Business or Data Analyst

These four job families are interdependent and work together to extract insights from data and turn them into business value.

DATA STEWARD 

Is a person responsible for managing and maintaining the quality, security, and usability of an organization’s data assets.

The primary role of a data steward is to ensure that data is accurate, consistent, and accessible to those who need it.

DATA ENGINEER

Is responsible for designing, building, and maintaining the infrastructure that an organization uses to store, process, and analyze large volumes of data

The primary focus of a data engineer is on developing and maintaining data pipelines and data warehouses to ensure that data is available, reliable, and scalable for use by data analysts, data scientists, and other stakeholders within an organization.

DATA SCIENTIST 

Is responsible for developing and applying statistical and machine learning models to analyze data and extract insights that can inform business decisions.

Data scientists typically work with large and complex data sets, and use programming languages such as Python or R to build and test models. They are also responsible for communicating their findings to stakeholders in a clear and actionable way.

DATA ANALYST

Is responsible for collecting, processing, and analyzing data to identify patterns and trends that can inform business decisions.

Data analysts typically work with structured data and use tools such as SQL and Excel to manage and analyze data.

They are also responsible for creating visualizations and reports to communicate their findings to stakeholders.

DATA LIFE CYCLE

• You start with data
• You extract information from the data
• You glean insight from this information
• You use the insight to drive imperatives and decisions within the organization
• The imperatives require new data

KDNUGGETS

Is a leading online resource for data science and analytics professionals. It was founded in 1993 by Dr. Gregory Piatetsky-Shapiro and has since become one of the most popular and widely-read data science websites on the internet.

KDnuggets provides a wide range of content for data scientists and analysts, including articles, tutorials, news, and job listings. The website covers a broad range of topics, including data mining, machine learning, big data, and artificial intelligence.

 

Portfolio

Email Subject: Data Analytics – Portfolio 3

1. Please define in your own words each of the primary data analytics job families. Submit in a PDF file with at least 3 sentences.
2. Cite one example of a business or industry where you can speculate how these job families work together to optimize the extraction and refinement of Big Data. Include in your PDF submission.