Sourcing, Storing, and Managing Data

This unit guides learners through identifying, acquiring, and managing the internal and external data needed for small business analytics. Students explore sensing technologies and IoT, assess storage and ownership/security options, and weigh the costs and benefits of building versus buying data capabilities to prepare for analytic modeling and implementation in the subsequent unit.

Learning Objectives

• Analyze internal and external data sources (including open data portals, APIs, LinkedIn, and IoT/sensor inputs) and produce a prioritized inventory of candidate datasets aligned to a defined business question
• Evaluate acquisition strategies (in-house development, third-party purchase, partnerships, and sensing technologies) and recommend a sourcing plan that addresses required skills, costs, and timelines
• Demonstrate the ability to design a basic data storage and management plan that accounts for volume, retention, ownership, access control, and security/privacy considerations
• Apply a cost-benefit framework to justify or reject proposed data investments, incorporating effort estimates, expected analytic value, and legal/ethical ownership constraints