Define Data And It's Importance
Bloged on Sun May 05 2024
Variable, Measurement and Data
- Variable is a characteristic of any entity being studied that is capable of taking different values.
- Measurements is when a standard process is used to assign numbers to a particular attributes and characteristic of a variable.
- Data are recorded measurement.
What is generating so many data?
Data can be generated by human, machines or human-machine combine. It can be generated from anywhere, where any information is generated and stored in structured and unstructured formats.
How data adds value to business?
Data Warehouse ->
- Development of Data Product: Algorithm solution in production, marketing and sales etc.
- Discovery of Data Insight: Quantitative data analysis to help steer strategic business decision.
-> Business Value
Why Data is important?
- Data helps to make better decision.
- Data helps in solve problem by finding the reason for under-performance.
- Data helps one to evaluate the performance.
- Data helps one improve processes.
- Data helps one understand consumers and the market.