What is the Importance of Data and Information for Business?

There are many factors that can affect business success. Starting from product quality, service, price, and also promotions. However, there are other factors that often escape attention, namely data and information. Really, what is the importance of data and information to business success? Very important! The proof is that more than 90% of organizations in the world invest in big data and artificial intelligence (ai). Even president joko widodo had said that currently “data is more valuable than oil”. Jokowi quote so, do you want to know more about the benefits of data and information? Let’s see this article to the end! Contents hide 1 what is data and information? 1.1 what is data? 1.2 what is information? 2 how to process data into information? 2.1 1. Collecting data 2.2 2. Preparing data 2.3 3. Data input 2.4 4. Processing data 2.5 5. Retrieving information 2.6 6. Storing data and information 3 what is the importance of data and information for business? 3.1 1. Identifying business needs 3.2 2.

Prevent Potential Risks

Producing quality products or services 3.3 3. Get to know consumers deeper 3.4 4. Prevent potential risks 4 do you understand the importance of data and information for your business success? What is data and information? Illustration of data and information first of all, let’s discuss the meaning of data and information and the differences between them: what is data? Data is a fact that is still raw. The form can also vary, ranging from writing, numbers, pictures, to sound. The data itself consists Latvia B2B List of two types, namely qualitative data and quantitative data: qualitative data – this data is usually in the form of statements and interpretation is more flexible. Examples such as: “consumer a is very satisfied with product b” quantitative data – this type of data is more static in nature and is generally in the form of numbers.

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Get to Know Consumers Deeper

Examples like “the percentage of failed products in january was 9%” unfortunately, we cannot make interpretations of the data yet. Because the data still has to be processed first so we can understand the context. So, how can you gain insight from the data you collect? It’s simple, you just need to process it into information . What is information? Information is a collection of data that has been processed and analyzed. Generally, information provides a specific insight that can Mobile Lead assist in the decision-making process. There’s actually quite a lot of information out there. However, we’ll cover some of the most popular types of information. Here are some of them: conceptual information – this information usually comes from a person’s thoughts or beliefs. So this type of information is often described in the abstract.

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