General Management

Big Data and Data Value

“The value of any information is only known when you can connect it with something else which arrives at a future point in time.” ¬†Gus Hunt

I came across this little gem while studying big data and data analysis. It is the essence of data mining. The prize – the benefit may not be readily evident. It only has value when it is connected to something else.

For example, you may have data that indicates how many people re-schedule for hygiene every six months. That is interesting but has little practical application. If you combine that with demographics you can now communicate with the people who have not re-scheduled. Then add that data to see who returns and which communication worked best and you can now contact more people in a more effective manner.

Data is not information.

To be useful you need at least two related data points and an action which can be taken based on those points and then you need more data to analyze the results. Rinse and repeat.

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