As we know, information has additional value beyond the value of the individual facts. Are there...

As we know, information has additional value beyond the value of the individual facts. Are there any common ways to measure the value of data and information?

Expert Solution

Information is something that every company is look for to improve their working. Depending upon the information or data you collect from market you define the price of the product. You can design the supply chain in that way only the cost of production can be reduced.

Below are some ways you can measure the way of information in real world:-

· Volume-based value

Due to the cost efficiency in storing the data organizations have the capabilities to do broader analysis across different data dimensions and also perform a deeper analysis.

· Velocity-based value

This is all about speed, which is now more important than ever. The faster businesses can inject data into their data and analytics platform, the more time they will have to ask the right questions and seek answers. Rapid analysis capabilities provide businesses with the right decision in time to achieve their customer relationship management objectives.

· Variety-based value

The ability to acquire and analyze varied data is extremely valuable. Businesses with the more diverse customer data are more engaged and aware of customer needs and expectations.

· Veracity-based value

The quality and accuracy of data in the big data context is questionable. However, for innovative business the more they hypotheses from this vast amount of data, the potential for business differentiation is greater.

This shows that the information is not depending upon the individual facts. But this is depending whole market.

keosha answered 3 months ago

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