In a lot of presentations, meetings or even conferences we get the terms data, information and insights used interchangeably by the business. In this blog I just thought to shed the light on each of those terms:
- Data: This is the raw data that the business captures or maybe third party data sources used by the company. It can be numbers, words, images, audio or even video.
- Examples: audio recording for customer service calls.
- Information: Information result from having the data processed, organised and shared in forms of tables, visualisations or reports. It is normally in a more business-friendly format.
- Example: Performance tables that has information about customers, their orders as well as their profitability.
- Insight: Insights are gained by analysing the information processed in order to gain a better understanding of a situation and help the business draw conclusions and take actions.
- Example: Visualisations that show the most profitable customers by software for an IT business, this can help the team understand more about the products those customers order and evaluate if there is an opportunity to add more services to their portfolio.
Those are my thoughts on data, information and insights, what do you think? Looking forward to hearing your thoughts!
Have a great bank holiday!
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