How to Capture Data to Make Business Impact

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commentsBy Ramon SerrallongaEvery business challenge that is to be solved with a data-driven decision has a data universe behind it. This data universe is the set of data that could be captured that is linked to the business challenge.A data universe is formed by information and noise: Information is data that can be transformed into knowledge; noise is data from which no knowledge can be extracted (of course, noise data can also be treated and lead to “findings” which are false knowledge and not truly useful). Note that data being noise or information depends on the business challenge under discussion. In other words, the same datum could be noise in one business case and information in another.It is also worth mentioning that nobody would collect noise data knowingly, i.e., noise data are utilized unwittingly. The reason is that differentiating noise and information could be very easy in some cases but not in others.An example illustrates this well.In the article Analítica Predict…