‘‘Data! Data! Data!’ he cried impatiently. ‘I can’t make bricks without clay.”
-Arthur Conan Doyle
His point? You can’t draw solid conclusions without data the same way you can’t build solid bricks without clay.
Needless to say, each one of us is directly related to the world above, “DATA”. In clearer terms data is any fact or figure in audio, visual or textual form conveying information about a thing, a place, a person!
So, from starting your day and reading the newspaper, to checking the weather report, to booking a cab or following the directions for your drive, to looking for articles to read, food to eat, places to go and then finally returning back to some laziness and sleeping over news feed from your social media accounts , all you are surrounded with is “Data”. Oh yes ! how can I forget, the smart devices nowadays , like fit-bit etc, even won’t leave you aloof from data while sleeping, collecting your pulse rate etc. So, practically 24X7 round the day, you are one nano-being in this mammoth amount of data, ingesting it, processing it or collecting it.
Moving on from this importance of data to figuring out why actually did it get such hype.
Do we really need miners ? excavators? archaeologists? Yes, we do! Out of the whole useless looking environment, these masterminds bring us something that might just impact our survival, or prosperity or anything for that matter.
Same is the story with data. Data scientists, analysts, engineers are nowadays mastermind miners of the tech-world. They deep dive into this herculean useless looking information and convert it to profit streaks in the business world, or steep drops for the risk-mitigation sectors.
Data sources may include: social media, smart devices, data in physical or digital form as audio, video, visual or textual format. That goes through analytically and creatively driven routes to create Value.