Big Data For Small Business For Dummies

Chapter 7

Focusing on the Value of Insights

In This Chapter

Understanding the differences among data, insights and knowledge

Getting insights to your key people in a way they’ll understand

Linking data with your machines and processes

Businesses have access to more data than ever before. In fact, many organisations are now drowning in data, but that doesn’t mean they’re necessarily gaining useful insights – the kind of insights that can support decision making and help a business develop. In the data era, I believe the success of a business rests on the ability to gain fact-based insights and turn those into smart decisions.

Data is worth very little unless you can turn it into insights and actionable knowledge.

Focusing on the data itself rather than insights is a bit like attempting to bake a cake with just a list of ingredients. You may have gathered the right ingredients in front of you – 250 grams each of flour, butter and sugar, plus three eggs – but that doesn’t mean you can turn that into a successful cake. You need a recipe that tells you to first beat the sugar and butter ...