From the course: Introduction to Business Analytics (2020)

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What is the value of data?

What is the value of data?

From the course: Introduction to Business Analytics (2020)

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What is the value of data?

- If you've been in your industry for awhile, then you've probably developed a strong intuition, and you probably lean on that intuition when you're making decisions. But when you combine this intuition with some solid data analysis, you can supercharge your decision-making process. Now studying data effectively helps you validate your assumptions and identify trends that aren't readily visible in your day-to-day grind. To make this simple, I want you to see a three-step process. The first is data governance. This involves properly tracking the relevant metrics that have an impact on your organization. This can include sales data, costs data, psychographic data, marketing data, just to name a few. Data becomes much more valuable when you study it effectively, which is a second step in this process. We can call this data analysis. The key here is to identify the underlying trends that have an impact on your organization.…

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