THE IMPORTANCE OF DATA IN TODAY’S INTEGRATED WORLD
Nowadays, with the existing technological advances, with every second that passes, we are generating new data. Much of this data is generated from the devices we use, such as the mobile phone, which sends data to the respective telecommunications company, as well as the latest bracelets ranging from the step count that the person takes, to the number of heartbeats per minute.
Is this a wonderful new world or maybe not?
The data can come from several sources and on the most varied topics, and a correct analysis about them can be an asset for any company. Enabling it, from a better knowledge of its set of customers to a greater and better understanding about the performance of its products in the market.
Thus, allowing the application of new marketing measures more appropriate to each group of customers and each product.
To obtain knowledge through the data that each one has, it is necessary to collect information from them. This can be obtained through models applied to the data set or by looking at them in graphs.
The models can vary, depending on the desired result, from the grouping of customers in several sets according to their characteristics, such as the forecast of the number of sales for a given product, to the identification of patterns in the number of sales.
In some cases, it is always easier to obtain information visually, either with line graphs to observe sales over time or with pie charts to understand the percentage of each set of customers who purchase a certain product.
Some programs automatically suggest graphs for the provided data, and some even offer models to apply to the data.
However, they still do not point out which model should be used, and is the suggested graph really the most suitable to display the intended information?
To obtain the best possible information from the data, it is necessary to have people who can understand which is the best model to use according to the characteristics of the data and even which graph best illustrates the information that can be extracted from the data.
Nowadays there are more and more people trained in the field of data science and even business intelligence, who through their knowledge extract the most appropriate information from the data.
In the first case, essentially applying models to the data, in the second case, often looking at the data through graphs and with knowledge about the business choosing the most appropriate graph to provide information to other people.
However, as would be expected, these people must have knowledge about both the business and the models. Since it is not possible to run models on data without knowing what they are about, just as it is not possible to show the results of the models, without knowing what they do.
