Data is a lifeline for any modern business and are critical when it comes to business decision-making˳ Data could be of various types like customer data, employee data, sales data, inventory data, financial data, etc which businesses use for everyday and strategic planning˳ In modern terms, data is a collection of facts, measurements, numbers, observations, etc which is translated into a form that a computer can process˳ In short, database is a piece of information that is machine-readable˳ Human readable figure is generally unstructured and can be interpreted in several ways, while machine-readable data is structured and machine-readable˳
Some companies have an in-house team to collect information from various sources while others prefer to outsource it to some professional firm˳ There are several quality firms providing data collection solutions to their clients˳ They deploy quick and efficient technologies to collect and enhance the quality of figures while reducing the labour burden associated with it for their clients˳ They use digital devices for data collection and gather quantitative figures in the form of numbers, dates, images, multiple type questions by using tablets and laptops˳
Data can broadly be classified into a few major categories as mentioned below:
- Personal Data- This can be comes under personal in nature and carries individual details like demographics date of birth, address, phone number, email, etc˳ Such data is used for research purpose to understand customers changing preferences or tastes˳
- Transactional Data- This type is generated only after an action has been taken like visiting a web page or clicking an ad˳ Such data is collected through Google analytics or some internal capture system˳
- Website Data- Web data is collected through browsing any website and is publicly displayed˳ For example government reports, competitors published reports, business analysis, etc, which is collected to understand market sentiment and government policies˳
- Sensor Data- such data is collected through electronic devices e˳g smartwatch to measure pulse rate or devices measuring weather˳ This type of database enables machines to make smart moves based on the analytics they process˳
Electronic data collection solutions have certain distinct advantages as compared to manual collection˳ Some of them are mentioned below:
- Automated- By using electronic data collection solutions businesses can automate their data capture˳ They can process forms, automate invoices, etc faster and efficiently˳
- Accuracy- Modern data collection solutions can collect data accurately and store them in a structured manner˳ Such data becomes easy to access and processing for smart analysis and decision-making˳
- Save Time- When data is captured electronically it significantly reduces the time needed for such an activity˳ As the process is automated with less manual interference it makes it easy to fill data and save it˳
- Cost-efficient- Electronic data collection is faster which means less manpower is required as compared to getting it done manually˳ This, as a result, leads to a significant reduction in the costs˳
- Easy to access- Electronic data collection solutions collect and store that in a synchronized manner˳ This, in turn, makes easy access to all relevant stakeholders with even multiple users working on it at the same time˳
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