High-Quality Data Collection in Data Markets

Data markets offer a mechanism for augmenting the data supply, particularly in data-scarce domains such as personalized medicine and services. Potential data sellers are incentivized and are expected to enter the market. A significant challenge for data buyers in these markets is the selection of the most valuable data points from a data seller. It is imperative to control data quality to ensure that the service offerings meet the user’s requirements. In DQ management, inspection is the process of measuring, examining, and testing to evaluate one or more characteristics of data goods and to compare these against specified requirements to ascertain conformity. Inspection can also be applied to products, processes, and other outcomes within data goods to ensure that the provided data goods are accurate and in compliance with specifications.