Failure to convert your data into useful information means that you are allowing your data to go unused. Unused data means you never get to see how your actions shape your results.
Overview
The backbone of any business intelligence system is grounded in the ability to convert data into actionable information.
Data is present everywhere across every business for output as usable information. Data represents information in a raw or unorganized form (such as alphabets, numbers, or symbols) that refers to or represents conditions and outcomes. Businesses that have developed capabilities in capturing and organizing their data for use in business intelligence reporting always make more money than those who don’t.
Captured data is converted into information when the following conditions are present in the data:
- Data is accurate and timely
- Data is specific and organized for a purpose
- Data is presented within a context that gives it meaning and relevance, and
- Data use leads to an increase in understanding and a decrease in uncertainty.
If you choose not to convert your business data into information, you have chosen to surrender control over your business.