Importance of Data in Business

The importance of data in business is determined after seeing the results based on true facts. Data is important to take calculated risks in business.

In simple words, if your post gets 200 likes on Facebook then it means something. This meaning is created by data.

Basics of Data: The collection of facts is called data. Numbers, figures, images, videos, audio, websites, software, likes, dislikes, views, searches, name, date of birth, male/female, country, region, interest, computer data, phone data, etc. all is data. And the fact is a thing that is known or proven to be true. And the proof behind the fact is called data. If the data is correct or added with the fact then it is true else that is a lie.

For example, Facebook is used by a million people which is a fact. But this fact is a lie until we do not add data to this fact. After adding data in this fact it is converted into information. E.g. login to Facebook keyword average monthly searched by 201,000 people on Google according to google keyword planner.

And 27, 40,000 on average monthly searches for Facebook Sign In. Now we can say Facebook is used by millions or billions of people daily. And there are other kinds of Facebook searches also. And all this is proof behind the fact and the proof is data.

Another example of true and false fact is that if you say Facebook is best to promote business then ok, I listened to this but is it true? NO.  Now you need proof to prove that your fact is true.

So, you added these types of data with your old facts such as Facebook is used by millions of people, how to create a business page average searched by 720 people, how to get more likes on Facebook Page searched by 2,900 people monthly etc. are the evidence.

So, If you provide me data with your words then I am convinced, informative, and knowing that information explores my creativity and then I want to know how can I get advantages of using Facebook for business. This is the fact of how data is important to explore creativity in life.

So, facts are data, meaning full data is information and the combination of data and information is called knowledge.

Basic examples of Data and facts!

Types of data

There are two types of qualitative and quantitative data. But in simple words to understand! There are two types of data means data and meaningless data. Meaningless data is less useful and not processed by computers or not able to create information. And meaningful data is processed by computers, and search engines to create or display information or search results.

Importance of Data in Business

Without data, it was impossible for the technological changes and innovative things and businesses we are seeing today. Everything you see on computers, such as numbers, files, folders, images, songs, software, drivers, and websites are all data.

Data is processed by the computer to create meaningful information. For example, our search query on Google is also data, no matter whether it is meaningful or meaningless Google search engine process it and shows informative results. E.g. if you type what is data? Then Google search engine receives this query as data and convert it into information and then we see search results related to “what is data”?

Data is used by everyone, every day in all kinds of tasks. Data is not only used in computers but also in outside electronic devices.  For example Signboards, directions signs & symbols, number plates, voter id card details, Aadhaar cards numbers, bank accounts, ATM numbers, passwords, login ids etc. everything is a type of data.

Facts are in the base of data. Data is used to create information. Information is used to create knowledge. And knowledge is used to create a better future, healthy future, and innovative future. That’s why it is important to learn data.

The power of data is great. Data is the most powerful thing in information technology. E.g. imagine we stop doing likes then what happened to Facebook? If we stop using Gmail then what happens to Google? If we stop learning then what happens to Google? If stop using physical money then what happens to banks? And this is an example of how data is involved in our life.

Data is a science and by analyzing it we can create innovative future products, services, jobs, etc. Almost all companies and people are surviving because of data.

As you learned above data is very important. It is important that we use data for meaningful purposes. It is important that data uses are regulated. It is important that collected data or personal data of users is not compromised by companies for wrong uses.

We need to learn how to turn data into information; we need to learn how to collect data for information, and how to combine data and information for knowledge. We need to learn the uses of data. What is the best application to collect data? What are the methods to collect meaningful data?

We can use Google Keyword Planner and other keyword research tools, Google Analytics, Google trends, Facebook insights, Twitter insights etc. all the sources to collect data at the beginning of your research for data. And we need to learn how to use knowledge to collect, and manage big data.

Data is not created by machines. Data is only collected and processed by machines but created by humans.

Conclusion: Data is important and it’s true because more people want to use it for a better future. If you want to learn more type on Google “What is data”. Data is important to get information. Data is important to create new products and services. Data is important for information. And information is important for knowledge.

And you can make a better and great decision by analyzing data on behalf of knowledge. And it is very important for every human being to analyze data before making any decision. No matter whether it is personal or professional.

Learn about: What is information in a computer with examples?