Role of Information and Data in Business: Importance, Types, and Usage

COVER PAGE
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Introduction
Data-driven decision-making is crucial for a company's success since it enables for
real-time insights and forecasts to improve performance. They may also use this
strategy to evaluate the viability of alternative concepts and methodologies, allowing
them to make informed business decisions for long-term growth (Testa, Iovino, and
Iraldo, 2020). The Sainsbury Firm, a worldwide retail corporation, is the subject of this
lecture. Data may be viewed as a systematic record of a certain quantity.

Importance of data collection for
organisations
The collection of data is a crucial part for any business as it helps in analysing different aspect in
the business and help the business do better in the competitive market (Siddique, and et.al.,2019).
Following are some specific importance of data collection for businesses:
 It is hard to make judgments that will help their organisation expand without properly
examining the obtained data.
 Since the global market has grown more accessible to everyone, it is constantly evolving. As a
result, without a thorough data analysis or the use of a data processing solution, businesses will
be unable to enhance productivity and growth.

Importance of primary, secondary data (cont.)
Primary Data
The authenticity of this data is determined by the
amount of work put in throughout the study process,
which makes it reliable and scientific.
It defines the confidence of the study done; for
instance, if researchers conclude a specific parameter
that must be based on the performing experiment on
the real-time situation, it should not be dependent on
assumptions
Secondary Data
Secondary data is less important than main data, yet it
is still important. In certain cases, businesses won't be
able to collect primary data due to a lack of resources;
in these cases, secondary data will be useful.
In certain cases, even if businesses have primary data,
respondents are unwilling to provide it. In these cases,
secondary data might assist businesses in overcoming
the issue businesses're encountering.