Small Businesses

How to find data sources you can trust

  • 5 min Read
  • October 12, 2020

Author

Escalon

Table of Contents

Every entrepreneur would like to harness the power of big data, but before you can make data-driven decisions, you’ll have to find information you can trust — and that may be a tall order.


 The strength of your business decisions may depend on the quality of the data you use, but data quality can vary significantly depending on how it was collected, stored, cleaned and processed.


Data quality can also differ from source to source, but you can determine which sources of data are trustworthy, safe to use and applicable to your company by following four simple steps. Here we’ve also listed different types of big data that companies can mine.


1. Evaluate the data source



You can typically trust information from a data quality program that offers verified data that is regularly checked and updated by a trusted publisher. In addition, check the data statistics against the data sources.


2. Assess data quality



Adopt a cautious attitude for assessing your data quality. Make sure you know the source of data and how it is defined. Plan how, when and what to measure, and who will collect data according to the plan.


3. Check format, accessibility of data



When considering the format of retrieved data, check the accessibility of the data and whether it can be tampered with intentionally or unintentionally. Another consideration you should make is whether your data has been aggregated or not. If you’re using aggregated data, it may have flaws since you are reading consolidated information that may have been summarized.


4. Confirm the data reliability



Many reliable sources can provide you with relevant data on a variety of subjects.

Here are a few tips for finding a reliable data source for your business.



  • Make sure the data can actually be taken from its original source.
  • There should be enough information to get the big picture.
  • The world evolves continuously, so always use the most recently published version of the available data.
  • Verify that the source you choose is relevant, legitimate and as unbiased as possible.
  • Good sources include data collected or produced by government agencies, industry white papers or academic publications.

Whenever there is new data, you’ll need to check through the same steps if you want to set up business intelligence (BI) reporting and analytics in your business.


Talk to us about how our back-office services can help your business leverage big data.



Types of big data



There are three different types of big data that companies can mine to better target consumers, get feedback on products or services and know their market and industry:


Structured data



Structured data is a term that refers to the data that can be stored, accessed and processed in the form of a fixed format. It is highly organized and adheres to a predefined data model and is therefore easy to analyze. Common examples of structured data are Excel files and SQL databases. Following are the five types of structured data:


1. Created data

– This is generated by businesses purposely for market research, such as customer surveys.


2. Provoked data

– This is a collection of audience views; rating sites like Yelp collect this type of data. Whenever any customer rates a restaurant, company, purchasing experience or product, they create provoked data.


3. Transactional data

– Businesses collect data on every transaction through online or in-store purchases to store transactional information for future reference.


4. Compiled data

– A giant database of consumers’ data like credit scores, location, demographics, purchases and registered cars is known as compiled data.


5. Experimental data

– This is a combination of a created and transactional data group. It is created when businesses experiment with different strategies to see which are most effective with consumers.


Each of the above data types has structured rows and columns that can be sorted. There are two sources of structured data: machines and humans.


Machine-generated structured data:

All the data received from sensors, machines, weblogs, medical devices, GPS units, usage statistics captured by servers, trading platforms and financial systems qualifies as machine-generated data. The data collected through this process is highly structured and suitable for computer processing.


Human-generated structured data:

Human-sourced information can be digitized and stored everywhere, from personal computers to social networks. These processes record and monitor data through human input, such as registering a customer, manufacturing a product, taking an order, etc.


Unstructured data



Unstructured data has no defined format or structure in storage. Therefore, it poses multiple challenges in terms of its processing for delivering value. A heterogeneous data source containing a combination of simple text files, images, videos, etc. is a typical example of unstructured data. You can categorize unstructured data into two types based on its source: machine-generated and user-generated data.


Machine-generated unstructured data:

All the satellite images, scientific data from various experiments, and radar data is a collection of unstructured machine-generated data. GPS info on smartphones that captures the user every moment and provides real-time output is another example.


User-generated unstructured data:

Website content, pictures we upload, videos we watch or text messages we send all contribute to the gigantic heap of user-generated data. It includes all the information that individuals are putting on the internet every day, such as tweets and retweets, likes, shares, comments, news stories and much more.


Semi-structured data



Information that is not in the traditional database format as structured data, but contains some organizational properties, is described as semi-structured data. It can include web server logs or streaming data from sensors, such as time, location, device ID stamp or email address. It is considerably easier to analyze semi-structured data compared to unstructured data.


Want more? Escalon has helped over 5,000 companies across a range of industries create viable support systems to help them make well-informed and impactful decisions. Talk to an expert today.

Talk to our team today to learn how Escalon can help take your company to the next level.

  • Expertise you can trust

    Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.

  • Quality and consistency

    Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.

  • Scalability and Flexibility

    Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.

Contact Us Today!

Tap into the latest insights from experts in your industry

Accounting & Finance

Optimizing Working Capital: Strategies to Maximize Liquidity Without Raising Funds 

Working capital: The difference between your current assets and your current liabilities. It’s a key barometer of financial health.  While...

Read More
Accounting & Finance

Outsourcing vs. In-House: A Strategic Guide for Growing Companies

Expanding your team and capabilities is critical to sustaining growth—but the question often arises: Should you build an in-house department...

Read More
Accounting & Finance

The CFO’s Role in Driving Operational Efficiency in a Mid-Sized Company 

A Chief Financial Officer (CFO) isn’t just a numbers person anymore. Modern CFOs play a pivotal role in shaping strategy,...

Read More
Technology & Security

What Every $10M+ Business Should Know About Data Privacy Laws 

Once your annual revenue surpasses $10 million, you attract more attention from regulators, partners, and customers, especially regarding data privacy....

Read More
People Management & HR

The Cost of a Bad Hire: How to Improve Your Recruiting Process

Hiring is one of the most pivotal processes in any organization, particularly for a medium-sized business looking to scale. Yet...

Read More
People Management & HR

Key Insights from the 2025 CBIZ Not-for-Profit Pulse Survey 

At Escalon, we are committed to keeping our clients informed about the latest trends, challenges, and opportunities across the industries...

Read More
People Management & HR

Scaling Culture: How to Keep Employees Engaged as Your Business Grows

Growth in headcount brings exciting opportunities for a business, but it also poses a key challenge: How do you maintain...

Read More
Accounting & Finance

Managing Multi-State Compliance as Your Workforce Becomes More Distributed

Rapid expansion and remote work trends have empowered medium-sized businesses to hire talent nationwide. Yet with multi-state operations come multi-layered...

Read More
Leadership & Growth

How to Build Leadership Pipelines to Sustain Growth 

Growth often hinges on capable leadership at every level. Yet many medium-sized businesses focus on filling immediate management vacancies rather...

Read More