Data is described as acts or information, especially when examined and used to find out things or to make decisions. It’s information that has been translated into a form that is efficient for measurement or processing.
“In God, we trust, all others must bring data.” — William Edwards Deming
Data is often overlooked, but it is an essential part of doing business. It ensures decision-making and has the power to reduce business expenses.
What oil is to the industrial economy, data is to the information economy!
Wealth and power were once designated by the one who had control of the most natural resources. In today’s economy, it’s data! To succeed, you need to use knowledge and data effectively. This involves collecting plenty of information to ensure that you can make changes and adjustments based on industry trends and consumer preferences.
Historical and transactional data is used to predict future events and the usage is limitless! You can predict industry trends and customer behavior, reduce downtime, lower material waste, and other cost savings. With data and proper tools, you can create predictive models. These models are based on facts, figures, and analyses which can help forecast plans, find patterns for optimal outcomes, reach new markets, and provide the best value for your product.
Data is growing significantly and is rapidly becoming a natural resource for today’s businesses.