Thursday, May 31, 2012

Managing Data in the Exploding Global Market Arena

Sustaining in today’s Market Arena requires a lot of pondering and efficient decision making. This may include talking risks as well. Is this easy for a management professional to do that based on his past experience or management learning?  The general answer to this would be yes but it won’t be possible without taking into account the market forces and for that case efficient market research and data management. With so many data management tools available from big IT guns, it has become possible to manage the vast data or more precisely information of the global market. Let us have a look at the aspects of Research Data Management that would enable you better understand the importance of normal day to day data and use that to solve your problems.

What are the essentials to Managing Data
What comes to our mind when we are communicating some confidential information to our peers in normal day to day life? We want that the information gets transferred accurately, remains confidential and is executed upon (“processed” in IT terminology) appropriately.

Taking a light example, if Rauny passing a love note to Hyla(his girlfriend) in the class gets caught by the teacher or note going to hand of Hyla’s mother is no ways a good data management. One would easily notice that mode of communication/collection is critical in this case. Thanks to the digital world, today students have Mobiles and PDAs to pass their love notes.

Thus a good Data Management System should assure the secure, accurate, collection, transfer, and processing of data suitable for analysis.  It is nothing different then conveying the accurate love message in the confidential manner.

Why is it essential to manage data?
There is a cut throat competition in almost all industries be it telecom or FMCG. To succeed in this, one needs to have a complete insight of market forces present and accordingly take strategic and operational decisions. 

How would one know of all the market forces and complex factors associated with his business? Market Research Information would come as a savior in this regard as strategic decisions can’t always be based on instinct and past experience. Even the experience is limited to a person unless shared.   Thus the information obtained through market research and experience sharing needs to be managed well.

What are the issues in managing data?
·         -Varying Complexity in Data Collected
    - Detecting Error in data entry – 0.5-2% of characters are keyed incorrectly even by professional keyers  (based on empirical studies)
·        - Other Data Collection Errors
·        - Coding the data into a structured format
·        - Data Security, Confidentiality and Backup

Having understood the importance of managing data and issues involved, we would close this discussion here to come back later with ways to manage data.

No comments:

Post a Comment