Value of Data

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We often think of data as a piece of information required to complete a task.

For instance, an auto mechanic shop needs the customer name, time spent on repair, materials consumed and quantities to determine the invoice amount.

In addition to billing, they can use the data on repair time to evaluate performance of their mechanics.

Data offers useful insight when applied in the right context.

You need to keep in mind that the value of data resides in how you make use of the information behind the numbers. Data that enables you address a question is valuable.

In other words, not all data are useful. Some offers insight while others creates confusion. When you capture data for the sake of in case you need it, you could be wasting time and energy. Just-in-case data might not imply value.

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