Data in business defines the business. What it means is that the way we define, store, interpret, and use data, forms the data platform of our business. It seldom happens that a single piece of data has meaning on its own; it only forms business functionality when combined with other data. So it becomes important that the data is connected, grouped, and filtered in such a way that the same dataset can be used for various aspects of the business.

In order to have a platform which can sustain future requirements, it is pertinent that we define and classify the data in a way which gives us indications on the kind of expectation we have from that data. Data has many facets and it's important to understand those facets to extract full business value from it. For example, stock price of a company is important for the real-time systems to decide whether to buy or sell, and it loses its importance after a few seconds or milliseconds. However, it becomes important...