Saturday, 28 August 2021

How and why to collect data?

In the today’s digital era, most of big as well as small companies are going digital. They are more relying on data in order to understand the buying behavior of the customers, the latest trend, the upcoming trends, and many more.

Data is becoming more and more important in the ecommerce as it is taking the highest position in informing the companies for the upcoming trend and the upcoming shift in the buying behavior of the consumers.  This allows the companies to get themselves prepared in order to meet the demand of the market and thus more profit.

But in order to study the data, there is first required to collect data. Before understanding the methods of data collection, first understand what data collection is.     

What is Data collection?

Data collection refers to the process of gathering information on some variables allowing the person or the company to get answers for the relevant question and evaluate the upcoming outcomes.

Data collection can be defined as the procedure of collection, measurement, and the analysis of the accurate insights for the research purpose. Data helps in better understanding of the relevant topic. It gives the more precise information about relevant topic.

How we collect data and importance of data collection?

There are several methods of data collections. Following are the different types of the data collection methods: 

We can collect data by two sources

Primary data collection method 

Primary data collection means the collection of data from the first-hand experience and these data have never been used in the past.

 

Methods of primary data

Personal interview

When researcher gathers information by asking questions directly from the data source, it is known as personal interview. This is prime method to gather information from person. In this method, researcher takes individual opinion of people about applicable subject.

Telephone interview

It is a kind of interview where the data is collected from the first person via the telephonic call. Researcher accumulates information through phone.

It is very economical method of data collection and allows researcher to cover larger area for the data collection.

 

Mailing questionnaire

It refers to the collection of Data through mail. In this method, researcher asks question about subject of matter and gather information via mails.

Surveys and polls

Surveys are one of the best data collection methods where the target audiences are questioned in order to gather their insights into their opinions, preferences, choices, and feedback related to a subject.

While in polls, multiple choice questions are being asked to the target audience in order to study their opinions. This is method for the collection of audience sentiments and their response in short time.

Collection by enumerators

Enumerators send to different places to ask question and record the replies .This method is very costly and time consuming

Secondary method of data collection

Secondary data refers to the data which is collected from any published source, or any other source and the data has been used in the past.

Researchers in order to collect the secondary data go through journals, newspapers, government reports, any publications, magazines, and many more and collect the published data. These data are generally collected in past and has been used before.   

Methods of secondary data collection

Secondary data collection can be done from the internal source as well as external source.

The internal sources of secondary data collection includes

  • Financial statements
  • Mission and vision statements 
    Organizational health and safety records
  • Sales reports, magazines
  • Executive summaries
  • CRM software

The external sources of secondary data collection includes

  • Business journals
  • Government reports
  • Libraries
  • Press releases
  • internet

Published sources

These are data types which are published by organization and data collecting agencies. They collects statistical data in various fields including income, exports, imports, gross domestic production, and so on. Published data might be printed annually, monthly and quarterly, which depend on applicable subject.

Publication of central and state government

Both central and state government gathers information regarding economic variables like investment, employee, gross domestic growth, and many more. The collected statistics are later printed in news papers and different website on regular basis by government to inform the general public.

Semi -government publication like municipals, they also publish reports. Researchers can collect data from these sources and use it for their research purpose. 

Publication by research institutions

Many research companies also collect data for their researches and publish it in their journal or any other publications. This allows the other researchers to take reference from their data and carry on their own research.

Publication of trade association

Multiple big associations collect and publish data on various trade activities. They generally collect data about growth in production, revenue, and selling.

Newspaper and magazines

Magazines and newspapers are also a great source of secondary data for researchers. They can take reference from the previous reports from magazines and newspapers and use it in their researches. 

Why data collection is important

The importance of data collection is increasing in almost every field. In markets, data is being collected in order to understand the upcoming trend, the possible shift in the buying behavior of the customers, and thus helps the companies to take adequate decisions in order to meet the upcoming demands.

Data collection and the analysis of data is playing major role for the companies in taking multiple key decisions worthful in determining the success of the company. 

Via data analysis, companies are gather information and understanding the upcoming trends in the market. They utilizing this information, take decisions to accelerate their success.

Conclusion

So this is a complete guide on data collections, their different methods, and their role and importance.

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