Data Collection Methods used in Business Analytics

Data Collection is a method of collecting information for a specific project. There are three types of consumer data.

• First-party data – The data is collected directed from the person.

• Second-party data – The data is collected from another source that has conducted the collection through first-party data.
• Third-party data – The data collected or purchased from companies that have no connection with the leading company or its customers.

Things to know before collecting data

• The question you need to get answers
• The subjects from whom you need to collect the answers
• The timeline for the collection of data
• The data collection process.
• Data Collection process

Let us look at different data collection processes used in Data Science. 

Surveys

This is done through physical or digital questionnaires to gather qualitative and quantitative data. As the data can be collected in a physical or digital medium, the surveys can be sent to a large group. This is inexpensive and a very effective mode of data collection. 

Interviews and Focus groups 

This data collection process involves direct interaction with the target audience. This can be conducted in groups or one-to-one. This method helps you in understanding the mindset of the audience by knowing their opinions and feelings towards a particular subject. But this process is time-consuming and is expensive as compared to surveys. 

Transactional tracking

People have shifted to online transactions, and that makes it easier for several companies to track the buying behaviour of their customers. This data collection is done by e-commerce websites to help them showcase products to the customers as per their buying behaviour.

Online tracking

This is used to track the online behaviour of the target audience while visiting a particular website. This data collection technique can help the company understand the user’s online behaviour. The company can implement it through cookies and pixels. This can help the company improve their services to their customers. There is a thin line between legal tracking and breaching the personal space of the target audience. The company needs to be careful while installing the cookies and pixels. 

Social media tracking

Nowadays, with the rise of social media, it has become a ground for companies to conduct data collection areas. They get the desired target audience to participate in the process and get the desired data for analysis for the Data Science For Business. Many companies take the services of a third party to pull more data from the target audience.

The one-year Data Science for Business Excellence and Innovation programme from IIM Nagpur equips the professionals with languages related to Data Science. This Programme focus on industry exposure and provide working executives s with real-life business problems. The course is structured keeping in mind the current market trends to make them ’ industry-ready. they provide the participants with the skill to understand and analyse the data through Data Science and Analytics. Undergoing the professional courses from such universities would benefit the students in their professional careers.