Data is the lifeblood of any organization, and it is important to understand how to collect, organize, and analyze it. Data can be used to improve decision-making, optimize processes, and understand customers or markets.
There are three main types of data: primary data, secondary data, and tertiary data.
- Primary data is collected firsthand from surveys or experiments.
- Secondary data is gathered from sources such as government statistics or commercial research reports.
- Tertiary data includes information that has been compiled and organized by someone else into a usable format.
To effectively use it, it is important to know how to cleanse it (remove errors), manipulate it (arrange for analysis), and model it (turn it into insights). Data analytics tools can help with this process by providing features such as statistical analysis, machine learning algorithms, and predictive modeling.