Question

Explain the value of data and information

Data and information as assets

Importance of investing in security Relationship of data to creating information Intellectual property

Trademarks Copyright Patents

Digital products

Data-driven business decisions

Data capture and collection Data correlation Meaningful reporting

Answer 1

Value of data and information:

Data-information plays a big role in any enterprise and are crucial assets for the business. They create value for the clients and customers and are used at various levels. Whereas data plays an important role as facts needed to be processed, information gives accurate and organized context in a situation. It is used as per the relevance and helps in understanding and removing uncertainty in any situation.

Data/information as assets:

Both are assets that help in presenting knowledge in an organized manner. When managed properly it can even be used as a single entity. They have financial value and if they are easy to manage, find, maintain, and share, they can help organizations implement complex processes easily.

Investing in security and intellectual property:

To foster any kind of innovation it is important to protect intellectual property. Protecting data, information, and intellectual property means protection of ideas. This in turn refers to the protection of businesses and data of people associated with it. To reap the benefits of business processes and inventions, this is very important.

Trademark, copyright, patents:

Trademark and copyright is used to protect different types of creations. Copyrights are used to protect intellectual work and creative work. Trademarks are used with commercial names and logos. Patent is also used with intellectual properties and to give legal right to the owner for some period of time.

Digital products:

Digital products are those products that are without any actual physical form. For example e-book. One can't smell or actually have this type of book or pages in hand. It has the outer layering with intangible words inside.

Data driven decisions in business:

It refers to the process of collecting data as per the goals or defined KPIs. It also involves analysis of patterns and various other facts from different insights. These are then used to create activities and strategies to benefit the business in different areas.

Data capture/collection:

It refers to the activity of collecting data, using information in specific structured form to be used in systematic fashion so that analysis can be performed on the gathered information.

Data correlation:

It is a method for investigating relation between quantitative and continuous variables. The coefficient of correlation is used to measure the strength of correlation or association between variables.

Meaningful reporting:

This type of reporting refers to the reporting style that is relevant and can be used for meaningful questions. The data and information presented in the report is used for business purposes and can be relevant for the audience.