Every business should be analysing their data. But the sad truth is that a lot of businesses are failing to embrace the data revolution. What’s more, many using data analysis have merely scratched the surface of how data can revolutionise their organisation.
This reality is somewhat understandable. The data revolution has evolved dramatically in recent years. As such, businesses are abandoning old methods of business development and venturing into new territories. For some, this is a scary thought.
Businesses, who are uneducated in data, may find it confusing to see how it can translate into…
a) New products.
b) Updated service.
c) Better customer experiences.
As a result, they may be apprehensive about investing time and money into data analysis.
Some organisations may be collecting data already. Yet many don’t have the in-house expertise to adopt its analysis into their business structure correctly. Similarly, others may not even be aware that they need to update their old processes.
This is where our specialists can help. Pansensic provide thorough explanations, easy installation into your operations, and work alongside you every step of the way. That way we can ensure that the optimum benefits are derived.
If you are unsure about
a) How data analysis works
b) How data analysis can benefit your company
c) Are uncertain of the key differences between data collection and data analysis
Then this guide should shed some light.
What is Data Collection?
Put simply, data collection involves compiling data sets from several internal or external sources. These sets are then stored in a database. These databases are either in-house or external, depending on the capabilities of the business.
Internal sources comprise of anything where your business has control over its content. For instance, website analytics, focus groups, customer support and more. External sources comprise of anything where you do not have control of its content. In addition, these platforms are particularly useful to monitor because they provide a wealth of data on consumers opinions.
The captured data is then processed through a series of actions that include verifying, transforming and organising into storage.
Buried within the wealth of data are nuggets of gold that highlight opportunities for business improvement. You simply need the right tools and people to mine it.
What is Data Analysis?
Data analysis is the process of interpreting information to provide insights into how a business is performing.
If we take the analogy of a painting. The data sets are the raw painting materials. The analysis is the process of painting the picture. Finally, the insights are the masterpiece. Furthermore, the quality of the product will depend on the skill of the artist employed. Our data analysts are the Di Vinci’s of the data analysis world, so to speak.
Analysis is, without a doubt, the most important procedure data will go through. And there is a right way of doing it. Essentially, data collection is a waste of time and resource if it isn’t utilised in the development of your company. Without the help of specialist analysts, your data will sit in storage. Dusty and forgotten. Either that, or used in the creation of some abstract picture that doesn’t connect the dots.
The qualitative data analysis techniques at Pansensic inform you of the patterns and metrics derived from your data sets. What’s more, these insights match your objectives so that you can easily and successfully act upon them.
‘Discovery is the journey; insight is the destination. You must become your own seer’.- Gary Hamel
Contact Pansensic. Ask for a demo. Or just have a chat, and see what our qualitative data analysis can do for your organisation.