Electronic data collection solutions and their benefits for companies

Data is a lifeline for any modern business and is critical when it comes to business decision making. The data can be of various types such as customer data, employee data, sales data, inventory data, financial data, etc., which are used by businesses for strategic and day-to-day planning. In modern terms, data is a collection of facts, measurements, numbers, observations, etc., that are translated into a form that a computer can process. In short, the database is a piece of information that is machine readable. Human-readable figure is generally unstructured and can be interpreted in various ways, while machine-readable data is structured and machine-readable.

Some companies have an in-house team to collect information from various sources, while others prefer to outsource it to a professional firm. There are several quality companies that offer data collection solutions to their clients. They implement fast and efficient technologies to collect and improve the quality of figures while reducing the associated workload for their clients. They use digital devices for data collection and collect quantitative figures in the form of numbers, dates, pictures, multiple type questions by using tablets and laptops.

Data can be broadly categorized into a few main categories, as mentioned below:

• Personal data: may be of a personal nature and contain individual details such as demographic data, date of birth, address, telephone number, email, etc. Such data is used for research purposes to understand changing customer preferences or tastes.

• Transactional data: This type is generated only after an action has been taken, such as visiting a web page or clicking an ad. Said data is collected through Google Analytics or some internal capture system.

• Website Data: Web data is collected through browsing on any website and is publicly displayed. For example, government reports, reports published by competitors, business analysis, etc., which are collected to understand market sentiment and government policies.

• Sensor data: Such data is collected through electronic devices, for example, a smart watch to measure the pulse rate or devices that measure the weather. This type of database allows machines to make intelligent moves based on the analyzes they process.

Electronic data collection solutions have certain distinct advantages compared to manual collection. Some of them are mentioned below:

• Automated – By using electronic data collection solutions, companies can automate their data capture. They can process forms, automate invoices, etc. faster and more efficiently.

• Accuracy: Modern data collection solutions can accurately collect data and store it in a structured way. Such data becomes easy to access and process for intelligent analysis and decision making.

• Save time – When data is captured electronically, the time required for such activity is significantly reduced. As the process is automated with less manual interference, it makes data filling and storage easier.

• Cost effective – Electronic data collection is faster, which means less labor is required compared to doing it manually. This, as a result, leads to a significant reduction in costs.

• Easy Access: Electronic data collection solutions collect and store data in a synchronized manner. This, in turn, makes it easy for all relevant stakeholders to access even with multiple users working on it at the same time.