If you are an entrepreneur or someone who is planning to enter into the promising and challenging world of business, you must know what data, insight, and analytics mean in a very clear and broad manner. There are no chances that you will succeed if you do not know about these things, as they are paramount in forming policies and producing products that would help you in succeeding and surviving in the market.
“Data” refers to all the figures, facts or statistics that you collect from the available sources. Data is the raw form of useful information. It has to be processed before it could be used for many purposes. If you do not collect data about your firm or the product that you are selling in the market, you would not be able to figure out what your actual position in the market is.
“Analytics” refers to the process of analyzing the available data/ information for putting it to use for your firm. Analytics is an art as not everyone could analyze the available data. It is also a complicated process as it involves understanding the data in its thorough sense. It is only through analytics that the information available to you and recorded in various forms is used as a resource. If you do not analyze the data, it is of no use. It would just be a piece of information lying on your table which has the potential to turn everything upside down for you and your business.
“Insights” refers to all that you have learned from the data and analysis. It is basically what you understood. If you can get the correct insights, you will be able to take your business to newer heights. On the other hand, if you are unable to do so, you might end yourself in a very messy and uncontrollable situation.
It is also important that you understand that data, analytics as well insights are not independent and do not exist in isolation from each other. They necessarily co-exist together and are very dependent on each other. Data is of no use if you do not analyze it and fail to put it to use after analyzing it. Likewise, analysis is not possible if you do not have the required information in the first place only. If you do not use analyzed data for your benefit, the process of analyzing it becomes redundant and wastage of money. If you do not understand anything from that data and do not use it to improve your situation, there is no use of collecting data and analyzing it as the basic purpose of data collection is to gather information about your firm and use that information to change your position.
It is also important to note that big data insights and data analytics insights could be done by employees of your firm or you could contact some agency providing expert services in the same field. The main idea is just to improve the position of your company, whether using the internal members of your association or someone from the outside.