Data and its analysis are excellent tools for helping us make decisions, whether that be on a personal level or a business level.
Data is being gathered all the time. For example, if we think about an online retail business, every day produces data on such issues as which products have sold, who has bought them and how happy the customer is with their purchase. All of these facts can be turned into data which helps us make decisions. Indeed, experts at Asana deem data-driven decision-making as ‘crucial’.
A mixture of quantitative and qualitative data can be the most beneficial. Combining raw data with people’s reviews of a product can give us an insightful picture of customers’ opinions.
How can data be obtained?
Quantitative data is usually gathered by using closed questions which may be asked in the form of surveys or questionnaires. Qualitative data asks for opinions and is therefore more likely to take place in the form of customer reviews, open surveys or even interviews.
Both types of data can be obtained by the business itself, but it’s also quite possible to use a data analysis company such as shepper.com to obtain, analyse and interpret data. One advantage of this is that using an expert rather than collecting the data yourself can save time. In addition, the data is presented to you in an individualised way that enables you to make well-informed decisions going forward.
How can this help businesses to make decisions?
When businesses are presented with data, either in its raw form or in easy-to-interpret graphs or charts, it enables them to make decisions. For example, if a coffee shop owner knew that 95% of respondents preferred to use an app to pre-order their coffee instead of waiting in a queue in the store, they could invest time and money into this as a business decision.
Fortunately, gathering data is now easier than ever. A data analysis company can help your business to obtain the data it needs to discover customers’ opinions and help inform future business decisions.