No matter what field you are in you are bound to have come across the term ‘data’ and heard all about how it is a game changer. From healthcare to every shopping trip, data is ever present in our lives. Take online streaming services for example. Every time you watch a new show or search for a certain documentary on the streaming platform, your data is collected and analyzed. The next time you log in to the same platform you would be presented with a list of other movies and shows that may match your interests. This is not because streaming services are mind readers! They have simply studied the data you provided and presented the outcome of said data.
Data is basically another term for information.
In the case of the online streaming services, the genre of your interest, films you binge watch and every search result is important information for streaming services to understand you as their user. All this information can be analyzed to understand what they can do to better serve you and to keep you subscribed. How would they do this you ask? By giving you exactly what you have been searching for. They do not even need to go out of their way to obtain this information, you have already supplied them with everything they could possibly need. This is why data is so important.
Now that we’ve got an understanding of what data is, it’s time to look into the next question;
how can you start utilizing data to your benefit?
Well, this is not as easy to tackle. The short of it is that you will need to know where to look for data, tabulate it and then analyze it.
Depending on your mode of business or interest, data may reach you in different ways. If you were a social media influencer, the data you would be interested in would be related to your online presence. Things such as likes, shares, subscribers and comments would be your raw data. Now that you have all this information the next step would be to put it into order in a table. This table should be easily understood and allow you to edit it from time to time to record growth or any other significant changes in numbers.
The final step, which is the analysis of data, is where things get tricky.
You would have to put some thought and consideration over it and understand what the numbers mean. Looking for patterns in the way your subscribers engage with the content you post would be the best way to start. Perhaps when you really dissect the numbers, you would come to realize that your subscribers react most positively to a specific form of content. This is the key information or piece of data you need to understand how to keep your subscribers hooked. This however is a very simplified explanation to understand the basics of data analytics. The truth of the matter is that it may not always be this straight forward. Since data is so valuable, it only makes sense to commit some of your time and resources to ensure you make full use of the data you have.
Understanding the role data plays in today’s world, Info Trek provides a number of courses that will enable you to truly become a master of data. Check out the list of courses in our Data Science and Business Intelligence programme and you might find just the right one for you!