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Guidance and results for the data-rich, yet information-poor.

Posts Tagged ‘information’

The Difference Between Data and Information

It’s common for people to confuse data with information because the two are closely related, but they are critically different. Your business probably has a great deal of data, but without proper analysis, you may not have much information. As The Modeling Agency’s slogan conveys, many are indeed “data-rich yet information poor”. If this describes you, you are certainly not alone.

Turning Data Into Information

Generally speaking, data is information potential, in a raw and unmanaged state. Depending on the size of your business and your daily operations, you may have a huge amount of data, which without proper organization and analysis, doesn’t tell you much of anything. However, by using data mining and predictive analytics techniques, you can make sense of even large amounts of data, distilling it down to relevant information and actionable insights.

Data vs. Information at Work

For example, a retail store may have a wealth of data in the form of store traffic patterns, sales records and customer communication. Without organization, structure and analysis, all that data tells management nothing useful about their business. But with data mining, management can learn the peak times for certain types of sales, so they are able to tailor and target future promotions and treatments. They can see from store traffic whether or not the store has optimal hours of operation. And records of customer communication can give valuable details that can be used to entice future sales. Data mining gives management the tools to glean actionable information from their mass of data. And predictive models allow CRM systems to anticipate customer behavior and automate business decisions that significantly impact the bottom line.

Ready to Learn from Your Data?

The Modeling Agency can help you gain the necessary understanding and skills to turn your data into information — and that information into informed decisions for your business. Take the first step with one of TMA’s free webinars, or delve into data mining more deeply with one of TMA’s highly popular public training courses.