In today’s world, there is a huge amount of data being generated by humans and all forms of technology. Some data is captured directly but there is an incredible amount of data that isn’t being used or analysed, offering a huge potential or value.
They key to getting the best value out of all of your data is to be fully data literate. This is where you fully understand data, its worth, how to capture it, sort it and what to do with it. This process is also critical for any further Business Intelligence (BI) analytics or Artificial Intelligence (AI) operation.
What is Data Literacy
Data literacy is understanding the complete process of data from beginning to end:
- Capture data – First you understand the importance of the right data, capture it and store it securely.
- Manage data – Once you have the data, you can sort, organise and clean the data. It is amazing how much data is incorrect, duplicate of incomplete. Filtering this is crucial.
- Use data – Knowing what to do with data is crucial. You can then analyse the data for deeper insights while keeping an eye on its governance (data policy, privacy, standards, plan).
If you address all of these three areas as part of your data strategy, you will achieve the best results for maximizing Return On Investments (ROI). Who knows ‘there is gold in them thar hills’ and with good data, perfect analytics or AI, you may be able to find you new sales, markets, products, services or insights too.
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Keywords in article to help search
data literacy, data strategy, bigdata