Jan 22

Is Data the new gold?

          Data (plural of datum) are facts collected through observation or experimentation on which we base our inferences and conclusions. To process data, we need some mathematical analysis to describe a phenomenon, predict future outcomes, and prescribe interventions that may result in desired outcomes. Further, analysis of data may allow us to discover “why” a phenomenon occurs. Having an opportunity to engage in a diagnostic is a favourable chance to employ performance or behaviour change procedures for better outcomes. 

          In this day and age, where our resources are very scarce, data and analysis of data are proverbial in supporting evidence-based practices and evidence-informed decision-making and to claim the trustworthiness of our practices and to justify the management of resources.

          For many, data is the new gold; however, we believe that the value of this gold lies in its proper use. We may have all the gold we can have but we may loose them if we do not use or keep them properly. 

          Data analysis may lead to satisfying alternatives and contextualizes variables and decisions based on effective use of evidence. With proper analysis, data is the key to unlocking knowledge and understanding. Data analysis helps us to consider and retain what is working and push for improvement for things that need to be changed. Data analysis provides us with valuable insights that shape our decisions and actions. Appropriate analysis of data holds immense power, like gold, but its true value lies in its use. 

         If you're interested in exploring Data Analysis, and explore field of Data Science and Analytics, we have resources in Business Data Analytics to help you!