The Data Age: The New Industrial Revolution?

 

We are currently in the middle of a data revolution. As such, the plethora of information is readily available. But all this info can be a little intensive. 

Data is evolving everything we do. It is, therefore, important that business embrace it with strategic minds.

Data connections.

The Data Age

Our data age is akin to the Industrial Revolution. Notably in its expected imprint in history. It is providing new wealth, successes and change on a mighty scale. 

This era is the catalyst when lines between physical and virtual merge. Faced with the wealth of available data, entities are capable of so much. And, are able to propel in any intended market.

However, this new data era is confusing. And businesses are not aware of the differing types of analysis, or their faculties. 

As a result, while tech abilities evolve, analytical processes evolve also.

Data Collection

Thanks to AI and the Internet of Things, our abilities are rapidly expanding. With the help of smart tech, we are able to collate data faster. We also have access to data forms we previously could not access. 

A wealth of qualitative data can be assorted easily through automated programs. Programmes where vital and relevant info is selected through a process of pinpointing keywords. In fact, qualitative data analysis can tell you pretty much anything about everything.

Physical and Virtual

Data tech allows business to connect to physical and virtual worlds in real-time. In addition, collating data provides an in-depth profile of a customer. Other benefits include the ability to predict consumer behaviour.

 

Common Misunderstandings

Qualitative data analysis is, however, still fresh. As a result, it is often misunderstood. These misunderstandings lead companies to poorly utilise the power of data.

Another trap that many fall into is thinking that a set of data will instantly improve business. This is not the case. If you have the tools, data collection is relatively easy to do. However, in order to gain worthwhile insights, you need specialists. Especially when it comes to reviewing info against business objectives. Above all, even if you have the best data sets, human input is essential to attain real value.

(See ‘How to Train the Machine‘ for more on this).

Steam Industrial Revolution

Inputs and Outputs

As helpful as computers are, human input is essential. Technology is smart. But is still can’t think like humans do.

The amazing thing about technology is that we can work with powerful machines to expand our abilities. Most importantly, qualitative data analysis thrives when there are experts trained in this area. These specialists know what to look for. Without experience, many fail to pick out the relevant info. And there is a lot of data to wade through. 

In addition, these experts have no bias. This ensures that insights are reliable and beneficial.

At Pansensic, we specialise in qualitative data analysis. We know the value of data analysis in the evolution of business. As such, we provide a depth of insight that is more granular, accurate and actionable.

Get in touch, and see what our data tech can do for you.

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