Data - The most valuable asset

Designing a race car, or finding a cure for cancer, or doing some research for a college project, to prove that you have made the right move- you need evidence to support your claims, to defend your work and to answer all the questions, all of this can be done with this one thing called Data and so today its not money, power, stocks that is the most valuable asset, its Data.

Data has climbed up the charts to become the most valuable asset, it is capable of manipulating the presidential elections of the Strongest nation in the entire world ( 2016 US Elections - Cambridge Analytica) The great hack is a movie/ documentary that talks in detail about how it happened.

Moving on, its value has increased over time because we being the rational thinkers (rational thinking is the ability to organize and analyse relavent information before jumping onto conclusion), we have understood that Data or in simpler words bits of information in the form of quantity, facts, statistics, symbols or anything that has a meaning allows us to do things faster and with greater accuracy and efficiency, so now lets understand HOW

A discrete unit of information like a number,boolean logic, or a fact is known as a Data Point, and when we combine a large number of these, it can be called as a Data Set.

When you have the right amount of Data it then has the capability to do numerous things like:

1. Helping companies understand markets and customers through Data Analysis
2. Reduce the time taken to come up with conlusions
3. Develop Machine Learning and Artificial Intelligence system’s
4. Understand psychology of choices and preferences, discovering trends
5. Business intelligence
6. Fraud Detection and Cybersecurity

To throw some light on weather you should trust the data and its sources, here are 3 things that are important to gian vaiuable insights from your data sets:

1. Data quality: High-quality data is accurate, reliable, relevant, and up-to-date information and to achive this you can implement robust data collection methods, proper validation processes.
2. Data transparency: Transparency in data collection, processing, and sharing builds trust. Providing clear information about how data is gathered, and letting people know the measures taken to ensure privacy and security of the data collected.
3. Data governance: Establishing strong data governance practices helps maintain data integrity and security, you maybe be able to avoid hacking and data corruption. Most coutries have laws and frameworks implemented in moderating the data of their people and how its used which also play a key in people trusting you with their data, and letting companies use them- if that makes sense.

All in all, Data is a very interesting piece of work and Data Analysis is a cool thing to being doing today because you are able to find the flaws in something by simply looking at a graph for a few seconds, although it is not as easy as it sounds.