5 Common Reasons Why Organizations Fail to Utilize Data Efficiently
The practice of collecting and compiling raw data with the purpose of digging out useful information can be termed as data analysis. The sole purpose of undertaking data analysis is to have comprehensive and key understanding about relevant and irrelevant information from the compiled raw data.
The data analysis can take the forms of graphs, write-ups, or charts to enable any reader to obtain relevant information at a glance without having to go through the entire data.
Accurate and suitable analysis forms the integral part of the findings in a research. Inappropriate statistical analyses leads to inaccurate scientific findings, confuses the readers and even have a negative public impact about the findings.
The reasons for failure of many companies in analyzing the collected data usefully could be any of the following underlined reasons.
1. Lack of Appropriate Skills
A general assumption among investigators is that they have the appropriate knowledge, training and skills to undertake research practice of great standards while in reality, it may not be so.
A rationale approach to undertake different methods of analytical research over team satisfaction will help in making enlightened decisions.
2. Failure to Undertake Analytic Research Practice in the Early Stages
The biggest reason for failure of companies in successfully utilizing data analysis is they undertake analytical procedures as an afterthought rather than in the early stages of research planning.
3. Portraying a Partial Presumption or Conclusion
The main purpose of conducting research analysis is to have a clear distinguishing picture about the occurrence of an incident revealing a true and fair picture against a false one.
Even a little bit of unfairness or partiality in the collection of raw data or method of analysis is likely to result in a prejudiced conclusion.
4. Inaccurate and Dishonest Analysis
Exclusion of essential information, alteration, or changing of data is likely to result in statistical error leading to failure of effective utilization of data collected.
5. Failure to Adopt Accurate Method for Data Recording
The outcome of a research analysis could be greatly influenced by the method adopted for recording the data. The research events can be recorded using any of the following methods-
- Recording using only audio or video or both and copying it later.
- Asking the participants to write the notes on their own and hand the same to the research analysts.
- Self managed surveys undertaken by a researcher.
- Open or close ended surveys
While conducting research analysis, the key factor to be considered by research analysts is that at no cost should the validity and reliability of the data collected be compromised. The data collected acts as the point of axis for the sales and marketing people based on which they are able to cross the graph of market growth.
iResearch Services is equipped with hands-on experience in analyzing market research data for large, medium and small scale organizations while also providing insights for better business decisions.