Data Wasteland
The amount of data that we are tracking is staggering, but not necessarily clarifying. Data is very problematic. All data is not equally valuable. It is not just finding the right application for the data.
There is data that is collected intentionally, and there is data about data.
There is quantitative data and qualitative data. The quantitive data is easier to understand and process, but it is not necessarily definitive.
Qualitative data is far more nuanced. It may be more important and telling, but it is harder to process and validate.
The value of data is largely determined by these three variables:
- Accuracy
- Validity
- Relevance
Data that is predictive is far more valuable, but is truly hard to find.