What is Data

What is Data?

Data is an information or fact collected because of experience, observation or experiment.

It is stored in or used in Computers. 

It could be measurement, observation of description of things.  It is statistics collected during the operation of business.  Data is everywhere.

Data can be measured, collected, reported and analyzed - into visualization tools graphs / images.

Samples of Data - Employee data, Sales inventory.  

There are two types of Data

Qualitative and Quantitative

Quantitative Data: Can be measured or countable.

Answers - What, who, when, how many and where

Qualitative Data:  Acquired through listening to people - observing situation / recording perception.

On seeing a cup of Coffee - 

  Qualitative details                                                        Quantitative Details

1)      Robust Aroma                                                 12 oz

2)      Strong                                                             120 degree Fahrenheit

3)      Frothy                                                             $3:5

4)      In a White cup

 

How is data Collected – there are two sources of Data, Primary and Secondary.  For eg if I need to run a initiative of hiring junior level associates for the company, I need data to determine the count to be hired

Primary Source: Current demand   open for Jr level

Secondary Source:  Past what was their absorption and how many they hired for Jr level in the last quarters/months.

The sources varies for various set of data.

Data are 4 types -  NOIR

Nominal – Data can be organized into categories, neither a number nor Quantity- Gender / Status / Level

Ordinal – Refer to data that can be put in an order or rank -   In a running race, we can rank people ignoring the speed and time.

Interval – Data comprised of consistent interval, here zero exists. Like temperature, pH value

Ratio – Same as Interval, but if Zero does NOT exist…. Eg Age, Sales .

Why is data important

1)      Educate: It helps you to study and understand the current picture of anything.

2)      Prioritize: Based on this, you  will have insights to  improve  the  process

3)      Evaluate Progress: Which  will reduce Wastage – Money , Time and man power

 

Data is more valuable based on

1)      Source of data 

2)      Clean / Rightness

3)      Size

4)      Age / Timeliness

5)      Understanding

6)      Actionable

 

Due to the existence of data - we have various branches of study diverging

 

Data Analytics – Process of analyzing raw data, in order to make conclusion about the information.

 

Data Mining - Process of discovering Pattern in large set of data.

 

Data Science - process of identifying actionable insights from raw data.

 

Data Visualization - process of converting the data into graphical representation

 

Machine learning / Cognitive Computing Development – focuses on development of computer program that can access data and use it to learn for themselves.  EG. Siri uses Advanced Machine learning technologies to function.

 

Data Governance – ensures that the data is consistent and trustworthy and does not get misused.

           

Data is getting collected constantly through different sensors.  Laptop, smart phone, IPad. 

 

Data is transformed into AI, generating various Apps - resulting in more innovation and better user experience.