New data collection approach for 2022
A new approach to data collection can be the key to a successful marketing strategy.
The world has seen the rise of Big Data. Collectively, we generate an enormous amount of information; and as our most complex systems get smarter and more powerful, they depend on this vast assemblage of statistics to keep learning and getting better at finding meaningful information. Vinay K Mayer, Director – Marketing Research and Consulting @ Asia Research Partners LLPprovides a deep dive into new ways to collect data.
The world is increasingly becoming a digital place where data collection is essential for growth in different industries. Most companies depend on the continuous flow of data to make informed decisions because it drives development and innovation. However, there are several obstacles that prevent organizations from smoothly collecting relevant data. Companies must collect relevant information without fail without their operations being affected. It is important to consider big data management techniques that allow organizations to be audited consistently and securely without violating privacy laws.
Bridging the gap between data usage and data collection
Big Data is becoming the next big thing in the tech industry. The power of big data is being harnessed in a variety of industries, from healthcare and retail to e-commerce, aviation and business intelligence. With With the world going digital, the BDA market is estimated to reach a value of $68.09 billion by 2025.
How is AI-powered data collection changing the game?
Machine learning is a subset of artificial intelligence (AI) where computer systems autonomously improve the performance of specific tasks by analyzing large amounts of data containing complex algorithms. This means that the computer is able to improve its performance over time, without needing to be directed by an outside party. The report predicts that 70% of organizations will shift from big data to small and big data by 2025. This is not something that can happen overnight, but rather something that will take years to to achieve. Not only does this development open up many opportunities for companies, but it also requires a new way of approaching monetary investments in research and development for the industry to produce enough data scientists to meet demand.
The outbreak of the COVID-19 virus has led to a major downturn in the global economy. As a result, marketers began using various strategies and tactics, such as monitoring consumer behavior, as they sought the best way to respond to an increasingly volatile economic climate. The future will belong to digital natives who rely on research methods such as ethnographic studies, customer focus group interviews and message boards where they can study cold hard data – internal analytics and search query histories and e-commerce data insights are the most promising ways to get that hard data. Additionally, more businesses now rely heavily on social media tracking like Twitter or Facebook to glean insights about their customers through usage patterns that can show whether or not people liked the page of a product for example. However, we have to deal with issues such as data credibility.
In a nutshell, data collection is an important issue. It’s not a trend or a buzzword; it is a vital concern. In the past, complexity was the enemy of quality. Generally, the more complex a system, the more difficult it is to maintain. The flip side is that in the future, this same complexity will be needed to succeed with big data applications. We will be able to collect more information in many more ways than ever before, but we may use this information to identify reliable information about systems in all areas of business and industry, customer preferences customers to sales models and product life cycles, to name a few.
Author: Vinay K Mayer, Director – Marketing Research and Consulting @ Asia Research Partners LLP