What are data insights and why are they useful?

The broad definition of insight is a deep understanding of a situation (or person or thing).

In the context of data and analytics, the word insight refers to the discovery of a pattern in data, or a relationship between variables, that was previously unknown to exist. This can have a thrilling, “aha moment” aspect to it.

Insights are extremely useful if they are put into action to improve the business or generate revenue.