Martin Doyle, CEO of DQ Global, features in Damian Ryan’s 5th Edition book “Understanding Digital Marketing” among 100+ other professionals, giving their expert opinion in their field.
In the chapter “Expert View – Building insights from real-time data”, Martin explains the concept of the ‘leaning tower of data’, a metaphor to explain why data is flawed because its foundations are not solid.
Read an excerpt of the chapter below:
“With low quality data, very poor insights will be derived, leading to very bad decisions being made with a high level of certainty. To avoid these poor decisions, we will need to improve the data-to-insights DIKW hierarchy… i.e. The foundational data (D) to information (I), to knowledge (K) and wisdom (W) sequence, as they are the ingredients for marketing insights.
So let’s start at the bottom of the hierarchy i.e. the foundational data. You wouldn’t fuel your car with the wrong or low-grade fuel and expect it to perform well. So, why would anyone expect to derive trusted marketing insights on a foundation of bad data? Bad data leads to invalid information, incorrect knowledge, false wisdom and finally inaccurate insights.
Therefore, if we are going to trust the insights derived from data captured, big or small, and we are to trust the actions proposed by any AI or ML models, we absolutely must trust the data.
When working with customer data, tiny errors can have expensive and unintended consequences. As a metaphor for this, let’s consider the “leaning tower of data”. Much like the better-known tower of Pisa, our tower of data is flawed, because its foundations are not solid. In other words, they are built on bad data. A small defect at the base causes a massive deviation (or distortion from the truth) in insight by the time we climb to the top of the pyramid through the DIKW to Insight hierarchy…”
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Building sustainable and robust data management solutions can be challenging and may take you into a world that feels alien or complicated. That’s where DQ Global can help.
By working in partnership with you, we help you to effectively manage your data, so that it becomes a rich source of valuable information to support your business growth and development. In turn, this puts you in the best possible position to make well-informed strategic decisions based on accurate information.
When you know your Data you have the beginning of all business wisdom.
For an explanation on the DIKW hierarchy pyramid, read our blog ‘Why knowing your data is the beginning of all wisdom’ here.