Data and Information relation in business and management

At first, we have to be clear that based on information we take decisions, make strategies as well as, goals. The information helps us to improve ourselves. Similarly, information helps us to solve problems. Data and Information relation is very simple in business and management. Furthermore, it is actually co-related. Now, if we see the whole thing in the simplest way then the step by step processes are

As we all know every action we made is data. This data actually stored in data centers. Sometimes these data are stored in a structural way and sometimes unstructured way. This data is further being processed by the employees to get the information. In the processing, we generally follow rules and apply rules.

How we generally collect data:

Collecting data is not a problem. If we want to know in a simple way then it’s like collecting raw materials to make or build something. The sources of the data are

• Website database where we store website data and users data
• Application database where we store application data
• The data which stores in CRM tools and many other analytics tools
• Various data source websites where govt. and private companies data are stored and they publish
• Sometime clients also give data but we have should take permission.

How we process data:

After collecting data we apply those rules. In this case two subjects we have to be strong. The first one is mathematics and the second one is statistics. We generally apply mathematical equations, models, etc as well as, statistics. If we see it step by step then

First step,

On the other hand, we collect the unstructured data and turn those data into the structural format. Similarly, for the structured data, we process them. Now, after converting all then at first apply basic sense. As per the goal, objective, vision, mission, target, we decide in which way we have to go.

Second step,

In the processing time, we look several thinks

1. Apply mathematical models, relations according to the need of the target and goals.
2. Similarly statistical models, relations according to the need of the target and goals.
3. Thought process, like advance thinking which helps to understand the data and perspectives.
4. Careful processing with the tools and the tools suitability.
5. Analysis of the data and their result several times.
6. Collect the most important results and important results.

Third step,

In the last step, we have to apply those results to the models and frameworks. If results have mistakes then we have to go the first step again.

Getting the information:

In the end, we have to get the information. More elaborately, we have to get Data based results that we have gotten after applying in the framework and models. We have come to a decision or have to make a decision. In every sector and function, data and Information play an important part in business and management.