We live in a competitive world, and any company that lacks actionable data risks making a costly mistake that may hinder it from forging ahead among the competition in a world where there is need to go the extra mile to get things done. Therefore, any Indian business that wants to grow and succeed in this age of digitization must consider data collection as a crucial success factor.
Data collection involves gathering and measuring relevant data systematically to get answers to various questions. Having the right data will help to take the next crucial steps in a keenly competitive business environment. To solve a given problem, the solution provider requires relevant data that will provide an accurate picture of what they need to accomplish. Collecting essential data at the right time and costs help a business to produce meaningful information upon which reasonable action can follow.
Why is data collection so important?
Today, problems facing Indian businesses and the global markets are dynamic and very uncommon with what obtains a few years back. We have many Indian companies competing with non-Indian companies across the world. There are prospective clients and customers with various needs a coming from different parts of the world. For instance, India is a medical destination for many countries seeking solutions to health challenges, how can an Indian health business position itself to get a sizable chunk of medical tourists even as the world look towards India for treatment to various illnesses?
Apart from the field of medicine, information technology, agriculture and cyber technology are among front-line industries in India that are attracting the global market. The question therefore arises: how can the Indian business position itself to provide the much-needed solution in the global marketplace?
The answer to the question lies in data collection and how each company treats the process to get what they want. Data collection, as it were, is not an end in itself; it is a means to achieve a corporate goal.
Data are collected and processed to get the meaningful information through the instrumentality of data mining, data manipulation, data compression and data handling. It involves a sequence of data processing activities to produce valid and actionable information to make meaningful decisions.
The following are different areas of importance of data collection to the Indian business concern.
- It is the most critical first assignment towards meaningful result
A business needs to carry out different activities to perform its tasks of solving its market’s problems. Without first collecting relevant data, it will be impossible to carry on other necessary activities like data mining to sort data into useful bits to provide desirable information. For instance, to design useful questionnaire for marketing purposes, data must first be collected before thinking about how to go about drafting and applying surveys that will provide a solution to the problem.
- It helps in decision making
Indian companies face different problems requiring efficient solution every day. Without proper and relevant data collection, it will be difficult to implement other necessary data processing activities to solve pending problems. It is after relevant data is collected that essential data handling and data processing activities can follow. It is, therefore, necessary to deal with data collection issues before going into data processing activity to find a lasting solution to such problem will be possible.
- For planning purposes
A business is as good as the quality of data at its disposal. India is a growing economy, and its businesses must maintain proper developmental planning strategy to measure up to demand of the market. Marketing research and marketing solution needs to be reliable to gain the trust of the market and stay healthy. Unless data is available, which is made possible through data collection, carrying out data handling activities to provide timely and actionable information useful for planning may be difficult if not impossible and could lead to further business crises that may affect the company and the economy at large.
- To establish authority
The level of information at the disposal of business will determine their level of relevance in the economy. While it is expedient to have accurate data for business planning and projection, investing in data collection will help the company collect relevant data to establish its market position.
Indian companies can outsource their data collection activities
In business planning, it is fundamental that decisions be based on scientific data and not on guesses. Although collecting relevant data will add value to your business, the process of doing so can be cumbersome. In solving the challenge of scientific base data, Indian businesses can outsource their data collection need to data Service Company to provide accurate data for proper decision making.