Difference Between Data And Information

What is Data & Information?

Irrespective of specific industries, data has become the driving force that furthers the development of a variety of technologies. Data etymologically derives from the Latin word “datum,” which roughly translates to “something given”.

Data is raw, unorganized, analyzed, uninterrupted, and unrelated used in different contexts. For instance, facts and stats gathered by researchers for their analysis can collectively be called data. Data in essence lacks its informative fervor and relatively renders itself to be meaningless unless given a purpose or direction to acquire its significance.

But when that data is analyzed, structured, and given composure or context to make it useful, we find information. Information etymologically dates back to its Middle and Old french roots which meant “the act of informing”, mostly used in the context of knowledge, instruction and education. In essence, information is systematic, filtered and useful.

Follow this piece to know the difference between data and information, amongst other key comparisons.

1. Data Vs. Information

Defining Data

Now, what is data? Data is a collection of details or data remaining in the form of either figures texts, symbols, description, or mere observations of entities, events, or things with a potential to be analyzed and drawn inferences from. They are raw which requires rendering to acquire meaningful information.

Data has various forms like letters, numbers, images, or characters. Computer data for instance is represented in the form of 0’s and 1’s – that can be interpreted to form a fact or value. The measuring units of data are Nibble, Bits, kilobytes, Megabytes, Gigabytes, Bytes, Terabytes, Petabyte et al.

Data was formerly stored in punched cards which were soon replaced by magnetic tapes followed by hard disk drives.

There are Two Types of Data

Primary Data

• Qualitative Data
• Quantitative Data

Secondary Data

• Internal Data
• External Data

Defining Information

Information is data collated to derive meaningful inferences according to its contextual requirement. Information is structured, processed, and presented with assigned meaning that improves the reliability of the data acquired. Information also ensures that there remains no uncertainty or undesirable.

In essence, Information exists to systematize relevant and timely data to inform or to develop ideas. Unlike data, information is critical since it processes data through purposeful intelligence to interpret or predict or explain.

What are the key differences between data and information?

• Data contains raw figures and facts. Information unlike data provides insights analyzed through the data collected.
• Information can’t exist without data but data doesn’t rely on the information.
• Data, as an input, goes through a filtration process followed by a meaningful organization to generate output or information.
• Data doesn’t deliver into specifics since there is rarely any relevance scattered amongst heaps of data unless processed. Information is particular with correlation to the inferences derived.
• Data doesn’t harbor any real meaning whereas information exists to provide insights and meaning.

Data vs Information vs Knowledge

What is Information in Business?

Data is what translates to establishing information followed by strategic success. So, without data, the following steps won’t exist. A good business stands on market analysis, gathered around data analysis that sieves the raw data for important insights. So, with information exists a greater scope at deriving success in most business ventures.

From data to information and from information to business intelligence, every business relies on the data generated. Businesses are taking advantage of this process to create a difference in their market approach.

Business Information like its other segments in the information industry has several forms i.e., News, Credit & Financial Information, Market Research, IT Research, and Industry Analysis. They can further be categorized into directories, periodicals, stats, government information, guides, handbooks, almanacs, and directories.

The Internet has made it relatively easier for publishers to deliver business information, especially with subscription models that deliver content to their user base.

Market research doesn’t just stem from a linear source of data, it is rather an exhaustive process where analysts separate the good data – which is the cornerstone for any business strategy.

Now, you will have business information systems that are designed to help organizations make important decisions via objective attainment. This system uses the resources provided in most IT Infrastructure to satiate the needs of variant entities existing inside a business enterprise.

The 5 key components of a business information system are Decisions, Transaction, Information, and Functions. You can’t really see the decisions taken, rather they are reviewed. However, transactions are more visible, but they are mostly processed through complex computer-based algorithms. Information and functionalities can be observed since a workflow is established for these components to comprise the Business Information System.

Conclusion

Information science and technology have garnered potential traction in terms of technological transition – from servers to cloud to smarter databases, data is processed within a blink of an eye. With speed comes the ability to process data with even low-cost hardware units like SSDs (Solid State Drives), HDDs (Hard Disk Drives), and Cloud Services. Organizations are now storing heaps of data in the hopes of processing them for insights that can help them drive organizational decisions or to predict future market dependability of their products or services.

From medical science, education to space programs, to name a few – Data and information are solving real-life problems at breakneck speed with its various applications. Virtually there are no caps to their implications across industries and the benefit they harbor respectively. So, to reiterate, these two concepts coexist to provide us with valuable insights that drive informed choices and successful outcomes.

Credits: https://www.analytixlabs.co.in/blog/difference-between-data-and-information