Qualitative data analysis is what drives innovation in modern business. However, how do you know what data services will be useful in answering the needs of your organisation? In today’s feature we take a look at just that. As well as the attributes that form effective data analysis.
‘Business has only two functions-marketing and innovation’ (Peter Drucker). Similarly, the only thing we need to value is…
a) Anything that can improve what we have.
b) Anything that can help us sell more.
c) Anything that can improve the way an organisation runs.
As a result, we have to really understand innovation, marketing and our organisation. What’s more, when it comes to overlaying data analysis, we have to know what the improvement gems look like.
Marketing is about describing products/services, their features and their benefits in an engaging way. We know that customers make purchasing decisions based on emotions and needs. As a result, we need to be able to find the adjectives surrounding these needs, features and benefits.
Similarly, we know effective data analysis will offer real benefits for both consumer and business. However, organisations can often be paralysed by the wealth of data that they have access to. Typically, organisations wade into this data not really knowing what we hope to get out of it.
Our four-step guide for extracting value from your rich qualitative data should help!
Be clear on your research objectives.
Source and aggregate the data relevant to your objectives from multiple perspectives.
Remember that old cliché ‘rubbish in rubbish out’ – it is still applicable, so
Ensure the data is clean.
Remove duplicate & fake reviews.
Remove off topic narrative.
Know exactly what you are looking for in the data and what your needles are.
Qualitative data analysis that follows a streamlined, strategic approach will allow businesses to discover actionable insights.
Experts in data analysis will aid businesses in their evolution by highlighting available opportunities and trends to drive growth and innovations. The result? A business that can compete in a fast-paced marketplace and turn a greater profit.
Your organisation may have an idea of the problems your organisation is facing. But without reliable evidence, vital business improvements are made on the instinct of managers. What’s more, these instincts can be highly subjective.
Furthermore, many organisations have no idea where to begin with the plethora of data they have access to. As a result, higher management can often try to sort everything out in one go. This can be extremely overwhelming. In addition, this can cause a great deal of avoidable stress, and result in organisations making big assumptions. Both approaches often lead to unreliable and ineffective initiatives. These can, consequently, be detrimental to any organisation.
Effective qualitative data analysis utilises a wealth of datasets from valid sources. This results in carefully considered insights and useful big data storytelling. By utilising professional data analysis, you ensure that business changes/projects are appropriate. Not to mention relevant to the current positioning of the business.
These areas are the main qualities that make up effective data analysis. If you’re looking to outsource data analysis to an expert organisation that demonstrates these points, contact Pansensic. Ask for a demo, or just have a chat.
We work with global organisations in a wide range of sectors. What they have in common is the desire to understand how the experiences of their customers/staff/ stakeholders can develop through game-changing insights we provide.