![]() In fact, one study found that businesses are missing out on $5.2 million in revenue due to untapped data. We know that data is everywhere, but this doesn’t mean that we necessarily understand it or derive any meaning from it. ![]() “We are surrounded by data, but starved for insights.” ~ Jay Baer, marketing and customer experience expert To paraphrase Ernest Dimnet, our potential for innovation, problem-solving, and growth is only as good as the data we collect and, most importantly, utilize. In a world where data-driven companies consistently outperform their competitors, businesses who don’t make the most of their data are set to fall behind. This quote is especially relevant in today’s business landscape. “Too often we forget that genius, too, depends upon the data within its reach, that even Archimedes could not have devised Edison’s inventions.” ~ Ernest Dimnet, priest, writer, and lecturer Based on their goals, they determine what kind of data they need and where to source it.ĭata collection with no clear purpose? Garbage!ħ. Prior to the data collection phase, analysts will usually have a specific question they want to answer or a challenge they want to overcome. Twain says, unless you have a plan for that data, it won’t really be of much use. It’s one thing to collect masses of data, but as Mr. You’d better know what you are going to do with it before you collect it.” ~ Mark Twain ![]() If you truly want to understand what’s going on in your chosen market, you need data-it’s as simple as that.Ħ. This is especially important in a business setting. Holmes is saying that ideas or theories without data are just assumptions, with no factual reality to back them up. This pearl of wisdom comes from one of the most famous fictional detectives in history, and emphasizes the importance of using data to drive smart decisions.Įssentially, Mr. “It is a capital mistake to theorize before one has data.” ~ Sherlock Holmes in “A study in Scarlet” by Arthur Conan Doyle Only once the data is clean can it be analyzed and turned into something useful.ĥ. This involves removing errors, duplicates, and outliers, and giving your dataset the necessary structure. George Box, a famous statistician, once said “All models are wrong, but some are useful.” With his own take on the quote, Dean Abbott highlights a crucial aspect of the data analysis process: cleaning the data. “No data is clean, but most is useful.” ~ Dean Abbott, Co-founder and Chief Data Scientist at SmarterHQ You can learn more about how data analysts work and the techniques they use in our article.Ĥ. These are the challenges tackled by data analysts on a daily basis. How do we take the data we collect and put it into context? What techniques and tools can we use to analyze the data and draw out the stories it’s trying to tell us? This quote from Dan Heath further emphasizes the difference between raw data and insights, and how data alone is rarely ever meaningful. “Data are just summaries of thousands of stories-tell a few of those stories to help make the data meaningful.” ~ Dan Heath, bestselling author Peter Sondergaard sums this up nicely, reminding us that information and analytics must go hand-in-hand in order to produce meaningful insights.ģ. Whether or not this is true, it’s important to note that, just like oil, data is useless until it’s mined and handled (i.e. It’s often claimed that data has overtaken oil as the world’s most valuable resource. “Information is the oil of the 21st century, and analytics is the combustion engine.” ~ Peter Sondergaard, Senior Vice President and Global Head of Research at Gartner, Inc. If you’re an aspiring data analyst or data scientist, this is excellent news for your future career.Ģ. Of course, the more data we generate, the more reliant we are on skilled data experts who can turn it into something meaningful. This quote sums up the sheer volume of data that’s available nowadays. “There were 5 exabytes of information created between the dawn of civilization through 2003, but that much information is now created every two days.” ~ Eric Schmidt, Executive Chairman at Google If you’d like to learn more data analytics skills, try CareerFoundry’s free 5-day data short course.ġ. The data industry is positively booming, and those who can work with data are in increasing demand.Īre you fascinated by data? Keen to start a career in the data field, or just want to understand what all the fuss is about? In this article, we’ve rounded up 24 inspirational, insightful, and thought-provoking quotes about data. It’s estimated that, by 2025, the big data market will be worth a whopping $229.4 billion. ![]()
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