We are currently in the middle of a data revolution. As such, the plethora of information readily available can be a little overwhelming. It is evolving everything we do. It is, therefore, important that businesses embrace it with strategic minds.
The Data Age
Our data age is comparable to the Industrial Revolution. Particularly in its impact and foreseeable imprint in history. It is providing new wealth, successes and change on a monumental scale.
This era will be seen as the catalyst of when the lines between physical and virtual blurred. Faced with the wealth of available data, organisations are now capable of so much. And, are able to propel themselves in the marketplace.
However, this new data era is confusing. On the surface, it appears so similar to what has been firmly established in business management for years. Businesses are aware of data analysis on the whole. But they are not aware of the differing types of analysis their capabilities. As our technological abilities and data evolve, it makes sense that our analytical processes do too.
With the introduction of Artificial Intelligence and Internet of Things, our capabilities are expanding at a rapid rate. With the assistance of smart technology, we are able to collate big data faster. Equally, we can collate it on multiple servers globally. We also have access to data forms we previously could not access. Forms such as voice and video are examples. A wealth of qualitative data can be categorised easily through the help of automated programs. Programmes where vital and relevant information is selected through a process of pinpointing keywords. Applying the data through a lens, qualitative data analysis can tell you pretty much anything about everything
Physical and Virtual
Our technology allows businesses to connect to physical and virtual worlds in real-time and react swiftly. In addition to collating data that provides an in-depth profile of an individual customer, it
a) Personalisation to be easily achieved.
b) The ability to predict consumer behaviour.
c) Businesses can use this process to assess the comments of their competitor’s/ customers in order to understand how they feel.
It really is an exciting time to get your teeth into data analysis.
Qualitative data analysis is, however, still a relatively fresh idea. As a result, it is frequently misunderstood and undervalued by many businesses. These misunderstandings lead businesses to ineffectively utilise the power of data.
Another trap that many fall into is thinking that simply collecting the data will somehow automatically improve their business. Some wishful thinking there. This is because data collection is relatively easy to do (if you have the right tools in place). However, in order to gain worthwhile insights from the data, it requires specialists with the technical capabilities. Especially when it comes to reviewing information against the business objectives. Even if you have the best data collection, human input is imperative to get the full value from the process.
(Read ‘How to Train the Machine‘ for more information on how to get the best insights).
Inputs and Outputs
Like the machinery of the Industrial Revolution required people to work the machines in the creation of products. Data analysis processes need people to monitor the programs. As well as ensure the accuracy of the data and conduct the analysis on the data findings. As helpful as computers are, human input is essential to understand consumer emotions, drives and behaviours. This is so that appropriate strategies can be devised.
As smart as technology is, it isn’t capable (just yet) of the same way of thinking as humans.
The amazing thing about technology is that we can collaborate with these powerful machines to expand our capabilities. Most importantly, qualitative data analysis thrives when there are specialists trained in this area of study. These specialists know what to look for. Without experience, many fail to pick out the relevant information under the mountain of data. And there is a lot of data to wade through. Additionally, these experts have no bias. This ensures that insights are reliable and constructive.
Here at Pansensic, we specialise in qualitative data analysis. We understand the importance of data analysis in the development of business and civilisation as a whole. This is why we are always at the forefront of developments in the field.
We don’t summarise data, we provide a real depth of insight that is more granular, accurate and actionable.
Get in touch, ask for a demo, or just have a chat. And see what our data analysis can do for you.