Chapter 3
Strategic Data Science
Introduction
Managers often claim to be "data-rich but information-poor". This statement is in many cases only partially correct because it hides a misconception about the life cycle of data. Being replete with data but poor concerning information suggests that previously untapped data sources are waiting to be mined and used.
It is highly unlikely that any organization collects data for no particular purpose. Data is in most cases collected to manage operational processes. Collecting data without purpose is a waste of resources. After the data is used, it is stored and becomes 'dark data'. Because almost all business processes are recorded electronically, data is now everywhere. Managers rightly ask themselves ...
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