The Increasing Value That Data Holds
link, todd, Telegraph - Herald (Dubuque)
Some information today - like a stock transaction - can be started and completed almost instantaneously with success measured literally in milliseconds.
For the vast majority of us managing large quantities of information on a daily basis, information comes to us and at us at a startling pace - perhaps not measured in milliseconds, but rather only feeling that way.
Sir Francis Bacon, in the late 1500s, argued that "knowledge is power." Clearly, Bacon was ahead of his time in his thought.
In the past 15 years, however, information is being generated at paces well ahead of human capacity. Thus, the current model is less about inherent knowledge and memorization and more about having quick and reliable access to information and being able to extrapolate profitable decision-making from that information.
We live in an exciting time where data collection is becoming increasingly more important and data analytics has opened a whole new world of predictive consumer behavior. Data analysis coupled with the use of focus groups can be a powerful combination.
Predictive analytics is a tool for businesses today to understand who their customer is, when they are most likely to purchase a particular product and how that customer would prefer to be contacted regarding that product. …