How Businesses Can Leverage Data and Information Competitors’ prices are individual data elements, but processing that data can reveal where competitors have an advantage, where there may be gaps in the market, and how a company can rise above its competition.However, when companies analyze and interpret that data over a range of time, they can pinpoint supply chain issues and enhance the efficiency of their systems. On their own, inventory levels are data.When that’s combined with other social media engagement statistics, like followers, comments, and shares, a company can intuit which social media platforms perform the best and which platforms they should focus on to more effectively engage their audience. The number of likes on a social media post is a single element of data. ![]() But when you compile that customer’s responses over time-and, on a grander scheme, multiple customers’ responses over time-you can develop insights around areas for improvement within your customer service team. A customer’s response to an individual customer service survey is a point of data.However, when the restaurant owners collect and interpret multiple bills over a range of time, they can produce valuable information, such as what menu items are most popular and whether the prices are sufficient to cover supplies, overhead, and wages. At a restaurant, a single customer’s bill amount is data. ![]() To further explore the differences between data and information, consider these examples of how to turn data into insights: Data isn’t sufficient for decision-making, but you can make decisions based on information.Information is typically presented through words, language, thoughts, and ideas. Data typically comes in the form of graphs, numbers, figures, or statistics.Data does not depend on information however, information depends on data.When it’s analyzed and interpreted, it becomes meaningful information. Information maps out that data to provide a big-picture view of how it all fits together. Data points are individual and sometimes unrelated.While data is raw and unorganized, information is organized.Data is a collection of facts, while information puts those facts into context. ![]() The Key Differences Between Data vs Information Only when the data is organized and compiled in a useful way can it provide information that is beneficial to others. However, when you analyze and organize that information, you could determine seasonal temperature patterns or even broader climate trends. Without any additional context, those temperatures have no meaning. Whereas data is the individual figures, numbers, or graphs, information is the perception of those pieces of knowledge.įor example, a set of data could include temperature readings in a location over several years. Essentially, information is the result of analyzing and interpreting pieces of data. Information is defined as knowledge gained through study, communication, research, or instruction.
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