What is the difference between data, reporting, and insight?
Final Written Assignment : You will be given 4 articles to read on the topic of Data, Analytics
and Insights. Read the following 4 articles:
o https://theblog(dot)adobe(dot)com/advanced-data-analysis-process-behind-insight/
o https://hbr(dot)org/2012/09/metrics-are-easy-insights-are-hard
o https://thrivethinking(dot)com/2016/03/28/what-is-insight-definition/
o https://online-metrics(dot)com/actionable-insights
What is the difference between data, reporting, and an insight? Describe an example of each.
Why do you think it can sometimes be difficult for analysts or businesses to create insights?
What barriers are there to get to an insight? Describe when each is useful (data, reports,
insights) in business?
Minimum of 500 words and you must use APA writing style.
(SLOs 1-6)
1. Develop an understanding of Microsoft Excel.
2. Utilize database and spreadsheet applications in a variety of simulations.
3. Attain the ability to create worksheets and workbooks.
4. Evaluate the strengths and limitations of popular business software.
5. Apply skills demanded by business.
6. Perform data analysis in Excel.
Data, Analytics, and Insights
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Institution
Due Date
Data, Analytics, and Insights
What is the difference between data, reporting, and insight? Describe an example of each.
The difference between these three concepts lies in their definition. Data, for example, is defined as raw facts. It is described as raw because, on its own, data does not make any sense. One can read it but cannot infer or make conclusions from it. A good example of data includes the 0 and 1s that computers use to represent data. In our computers, we store a lot of things, including images, music, movies, and whichever material we wish to have. Even though we get to see our material in whichever form we store them, computers store them using binary values. When printed, such values may not make sense to anyone who is trying to review them. However, when fed to a computer, they can be interpreted into whichever material they are.
Reporting, on the other hand, involves the organization of data into a form that is readable or comprehensible. As already stated, on its own, data does not make sense. However, when reported, it can help paint a clear picture of a situation or an event. Reporting makes use of figures such as charts, graphs, and tables as it seeks to showcase patterns or a trend. For example, in the just-completed U.S. elections, reports showcased that Biden would win the election. Graphs and charts showed that Biden and Harris would win. However, they never went into greater detail of explaining how the states would vote or the different ethnic communities. So, reporting is also limited.
Insights are different from data and reporting. Data and reporting mainly help to paint a picture of the obvious. They do not go beyond what has been revealed to help derive any meaningful information. Insights, on the other hand, are actionable findings. Also, unlike data and reporting, they are not easy to come by. Businesses mainly depend on insights to create value or to enhance their efforts beyond that of their competitors. They do not tell a skeleton story but offer direct as well as meaningful action. These are what organizations use to make decisions. For example, after reviewing data from the sale of their products in different regions, an organization can decide to differentiate their products to fit every target market. Before arriving at the actionable point above, the organization might have noticed from the data they collected and the reports generated that different demographi...