What is Data?
Data refers to raw facts, figures, and statistics collected and stored for analysis and interpretation. It can be in various forms such as text, numbers, images, audio, and video.
Types of Data
- Structured Data: Organized into predefined formats like spreadsheets
- Unstructured Data: No predefined format like social media posts
- Semi-Structured Data: Has some organization like XML files
Importance of Data
Data helps businesses make informed decisions, improve operations, and understand consumer behavior. It is crucial for identifying trends, patterns, and anomalies.
Examples of Data
- Sales figures
- Customer feedback
- Website traffic
Case Study: Netflix
Netflix uses data to recommend personalized content to its users based on viewing history and preferences. This has led to increased user engagement and retention.
Statistics on Data
According to Forbes, 2.5 quintillion bytes of data are created every day, and by 2025, it is estimated that 463 exabytes of data will be created daily.
