Businesses deal with huge amounts of data, which can yield real value if properly organised and managed. One of the most important starting points is to understand which types of data exist. In this blog, we’ll look at the different data types that businesses tend to rely on.
1. Internal Data
This can be generated from any kind of company department or function and is stored internally within company databases. It can include data for sales figures, marketing expenses, customer behaviours and so forth. This data is kept private within the company.
2. External Data
A data analysis company such as https://shepper will handle external data that can include any kind of data, such as government information, tax records, weather forecasts and satellite information. This category is always growing and many companies buy it in to help run their businesses.
3. Time-stamped Data
Time is the key with this type of data. An example would be the website page loading time which shows you how long website visitors will stay. Digital data tends to rely on this type of time-stamping and this type of insight lets businesses improve their services and processes.
4. Structured Data
This is a very simple form of data in that the category simply refers to organised data. This could be as simple as a table. Any data can be structured in this way.
5. Unstructured Data
This is the opposite type of data. It is characterised by being unable to display meaningful information easily without being organised and structured, such as raw data.
By understanding these five data types as a starting point, you can begin to understand the true value and power of data within any organisation, particularly in a world that is increasingly driven by digital interactions.