Data Isn't Important, But How You Consume It Is - Deepstash

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Data Isn't Important, But How You Consume It Is

entrepreneur.com

There are two types of data

  1. Raw, unstructured data, consisting of numbers or lines of code.
  2. Processed data, which is raw data that has been cleaned, organized and transformed into information (i.e., knowledge).

Raw data is unusable, while processed data is key to driving business decisions.

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  • Descriptive Analytics evaluates historical data to identify patterns and trends. It is the most common approach to data consumption as it centers on summarizing data and identifying general trends.
  • Diagnostic Analytics reviews data to determine why a...

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  • Third-party analytics. Numerous tech companies, such as Google and Facebook, specialize in collecting and analyzing the data of other businesses and providing elementary analytics to owners. These analytics are an excellent tool for small businesses with limited budgets or n...

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Our digital economy has evolved beyond the point where data collection alone can facilitate success. 

Now, getting ahead requires collecting and evaluating data to gather crucial insights on market demand, running lean and generating consistent returns.

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