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Questions and Answers
Data is becoming a key driver of innovation for businesses today.
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Data is expensive to generate in a firm.
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Data is only valuable for companies like Google and Facebook.
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Every business needs a data strategy.
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Gathering diverse data types is not necessary for developing a data strategy.
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Using data as a predictive layer in decision making is not important.
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Data is not a key intangible asset for value creation.
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True or false: Data can only be used to power existing products or services?
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True or false: Behavioral data is more valuable than reported opinions or surveys?
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True or false: It is important to combine data across silos in a data strategy?
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True or false: Big data refers to structured data that fills a database with neatly organized rows and columns?
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True or false: New technological capabilities have made it easier to make sense of unstructured data?
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True or false: Cloud computing has made it easier for businesses to access and analyze data?
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True or false: All good data is big data?
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True or false: Airlines and online travel agencies have access to the full picture of customers’ travel behaviors when customizing pricing and offers at the point of sale.
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True or false: Data partnerships are not important for businesses to negotiate terms of working together.
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True or false: Publicly accessible data sets are not a valuable source of new data.
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True or false: Businesses have limited opportunities to purchase or swap legitimate, valuable data with other firms.
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True or false: Customer data can provide insights into customer psychology and reveal patterns in customer behavior.
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True or false: Today's advanced segmentation can only be based on age, zip code, and product use.
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True or false: Personalization can be a challenge due to the proliferation of different devices and platforms where customers interact with a business.
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True or false: The first step in the data strategy process is concept generation?
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True or false: Bridging silos is an organizational challenge faced when shifting to a more data-driven strategy?
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True or false: Data sharing is not important when negotiating with business partners?
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True or false: Cybersecurity and privacy are not a concern when gathering and utilizing customer data?
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True or false: Embedding data skill sets is not a challenge in transitioning to a more data-driven organization?
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True or false: Everyone in the business needs to adopt a mindset that includes using data as part of their daily process?
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True or false: Sharing data within an organization can hinder measuring the ROI of marketing efforts?
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True or false: Data strategy does not involve developing a legal, risk management, and security plan?
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True or false: The last step in the data strategy process is value template selection?
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