A constant urge to explore new avenues and exploit new opportunities helps businesses grow. If you do not have that urge to exploit new opportunities and if you lack the willingness to initiate a step towards new pastures, then you are probably suffering from – what is known as – A Well Frog’s View.
A frog in the well knows nothing of the ocean until he braves the waves and tries to explore.
The internet is an ocean of data, and all you need is explore this data and derive Web and Digital Data Insights. This will help you understand
- Where you stand in the market place
- Which place you want to position yourself
- How you will achieve this
Data Collection – Exploring the Ocean
From the ocean of data a lot of high value information can be derived, however businesses need to understand, that high value data is not necessarily out there – and available via Internet Data Collection for Research, it can also be generated by conducting surveys and online polls, via direct observations and via questionnaires and open ended interviews.
Additionally the conventional data collection includes collecting resources, sales data from online shopping sites, customer reviews and much more.
Is Data Collection Encroaching on Privacy?
While the techniques have received a lot of flak for encroaching on privacy, collection of data for business purposes does not necessarily mean extracting personal and private data. Internet data collection as we already mentioned includes extracting or rather scraping out data from places where it is hard to find, it does not include hacking websites and retracting data by encroaching upon personal and protected information.
If you want information about the vendors for a particular raw material across the world, data collection abilities can be put to use to scrape and collect the vendor name, address, and contact numbers from more than hundreds of business listings and directories available online. This information is also collected from various websites and vendors online portals. This information is then sorted based on client requirement and vendors are shortlisted.
On further analysis and research this list can be shortened further and high value vendor data can be derived. Experts can analyze this data and derive insights pertaining to how vendors at certain location charge more, how certain vendors provide a particular product at comparatively a very low price but orders processed at their end are less. All these details might give a competitor vendor an idea of product pitching, and a client may gain insight into which vendors to contact for particular requirements.
Information is collected in form of written text, numbers, variables, opinions (yes/no), votes, forms data, audio, video recordings and much more. Now all this data is unstructured. What data scientists will do is, to understand the objective of data collection and structure all this collected data in different formats and from different resources into a comprehensible format.
When all the unstructured data is structured, a hidden pattern is uncovered. This pattern gives businesses answers to their questions and clears their doubts, thus helping them plan business strategies and make informed decisions.