Ensuring proper use of data

Data, according to one definition, is a collection of facts, numbers, words, observations or other useful information.

- MARIANNE GO

Through data processing and data analysis, organizations transform raw data points into valuable insights that improve decision-making and drive better business outcomes.

Data, likewise, is defined as a value or set of values representing a specific concept or concepts. Data becomes ‘information’ when analyzed and possibly combined with other data in order to extract meaning, and to provide context. The meaning of data can vary depending on its context.

Data collection is defined as the process of gathering customer data from internal or external data sources and storing it in a single location, such as a data warehouse or data lake to unlock and uncover critical insights about your customers.

According to a Wikipedia definition, in economics, a commodity is an economic good, usually a resource, or something that is useful or valued.

Data, thus, in our modern world has become a valuable commodity, from which digital firms have mined a treasure trove of information to create proprietary algorithms that enable them to more accurately program the marketing of goods and technologies, and even more importantly, in the influential world of social media, shape trends and opinions even in the political sphere.

The issue of data use and governance, in the advent of Artificial Intelligence and digital technology, has now become a key issue as data is seen driving development and is also considered as an effective policy-making instrument to bring about democratic, inclusive governance, according to the recent study released by LIRNEasia, together with the Data for Development Asia Hub or D4DHub, the Open Development Initiative of EWMI, and the Sinar Project, with Disini Law and the Digital Freedom Network collaborating in the preparation of the report's study on the Philippines.