The Art of Data-Interpretation
Data is everywhere, from the simplest things you use daily to the new project you’ve been working on. Data plays a significant role in our lives and it has been there for centuries. Now the interesting part is that people often misunderstand the difference between data and data analysis. Data has been there for centuries but the practice of data analysis is relatively new.
Historically we have used data to shape big, strategic decisions. The practice of data analysis can be tracked down to the early 19th century when Frederick Winslow Taylor initiated time management exercises and also when Henry Ford started measuring the production time of assembly lines, in the late 1960s, data begin receiving more attention with the rapid advancements in technology as computers started to become decision-making support systems.
On the ground level, data analytics consists of the research, discovery, and interpretation of patterns within data. Thanks to the gradual advancements in the field of technology, we can now track data in real-time, which means we can change our strategies and pivot if needed, at any point in the stage our product is in.
Short-term increases in demand results in instant but temporary hikes in prices. For example, the high surge in the price of flights near national holidays is only possible when companies can track data in real-time.
Data and AI
Data and AI are merging into a synergistic relationship, where AI is useless without data, and mastering data is insurmountable without AI. Artificial intelligence provided sufficient data can learn human patterns, an average Fortune 500 company makes 400 million decisions per day, and advancements in technology, especially in Data & AI, enable a range of unforeseen opportunities to amplify, automate and optimize these decisions. One of the subfields of AI includes cognitive computing which is used by giants like Amazon by feeding the AI data of an individual’s shopping patterns, which is used to simulate the functioning of the human brain to understand what type of offers and discounts on products will get you to buy more.
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