Data collection can be referred to gathering information so as to give solutions. There are different methods of collecting this kind of information.
Data collection is the process of gathering and measuring information on targeted variables in an established systematic fashion, which then enables one to answer relevant questions and evaluate outcomes. The data collection component of research is common to all fields of study including physical and social sciences, humanities and business. While methods vary by discipline, the emphasis on ensuring accurate and honest collection remains the same. The goal for all data collection is to capture quality evidence that then translates to rich data analysis and allows the building of a convincing and credible answer to questions that have been posed.
Sourced from: https://en.wikipedia.org/wiki/Data_collection
According to Cindi Howson almost every manager of a firm spends two hours of the day looking for data but later on it all turns out to be useless information. This therefore means that companies should work with professionals to access this kind of information. Data is important to any business as it provides information that will stir them on the right direction.
Importance of Data
The ability to analyze and act on data is increasingly important to businesses. The pace of change requires companies to be able to react quickly to changing demands from customers and environmental conditions. Although prompt action may be required, decisions are increasingly complex as companies compete in a global marketplace. Managers may need to understand high volumes of data before they can make the necessary decisions. Effective business intelligence (BI) tools assist managers with decision making.
BI tools provide decision-makers with the information that they need to make insightful decisions. Company data is often stored in multiple, unrelated software applications and databases. BI tools gather and process data from multiple sources. They produce reports on the information to increase the knowledge of decision-makers. Effective BI helps companies identify growth opportunities, understand customer preferences and increase competitiveness. BI is most effective when it is presented in user-friendly formats, such as scorecards and dashboards.
So as a business person, what kind of data should you seek in order to serve your customers better. First of all find out how unique each customer is. Do also find out their real time behavior.
- Key Factors That Set Your Customers Apart
Reid CarrEveryone has different customer types. Not all customers are created equal. Identify what key factor(s) set one apart from another and segment your users from one another. It could be geography; it could be specific products they buy or it could be a demographic detail. Once you understand that, you are better able to target messaging, develop product and drive value for both the customer and your business. – Reid Carr, Red Door Interactive
- Customers’ Real-Time Behavior
To understand your customers better, you have to get greater insight into how they actually behave. Surveys are fine and generalizations drawn from basic demography are still important, but businesses today need to gather as much data as possible on the way that customers are behaving in real time.
How long are they staying on your site? What links are they clicking? What triggers them to share your content on social media? What are they uploading or downloading and at what times? The holy grail that Big Data seeks to discover in industries of all shapes and sizes is needs anticipation. The businesses that are ahead today are the ones who can harvest, blend and analyze real-time customer data to identify patterns and predict customer needs before they’re even aware of them themselves. – Dusty Wunderlich, Bristlecone Holdings.