Do you know Data is cooked before serving…………..

What happened? Surprised!!!

I am not joking ……………. Data is just like a raw food material, which further processed to be served brilliantly in the form of information.

And this process of making DATA further INFORMATION is typically known as Data Analytics. It’s a tedious process as gathering data is one blockade and then converting it to information is another Roadblock.

Human Psychology evokes it to always be curious about gathering new information, but while going through this course we many of the times forget to keep eye on authenticity and credibility of the resource from where we are captivating the information.

So dear friends it’s the first step: Always gather information from a genuine resource.

Now let’s get friendly with few keywords

Data Analytics

• Data analysis is a process of gathering, modeling, and transforming data with the goal of highlighting useful information, suggesting conclusions, and supporting decision making.

• Data analysis has multiple facets and approaches, encompassing diverse techniques under a variety of names, in different business, science, and domains.

Market Research and Analysis

• Market research is a part of Data analytics and used for discovering what people want,need, or believe.

• It can be done to find out Market information, Market trends, Business needs etc.

Question here is that WHY and HOW we are going to do a Market research and WHAT would be the need and repercussion?

Friends as we know Market Research is a daily routine work for any MBA graduate, Aspirant, Market Research Firms, Students, Business Analysis, and Research Analysts etc.

But have you ever thought of the vast Process behind deriving any information…. How it has arrived? Who gave the Data? Who processed it? Who checked it? Who will confirm that the information is right or wrong?

All this work is done on the daily basis by people around us …….. As mentioned above. I have drawn a Process from my experience in Market research and I rigorously follow this in each and every assignment I take upon.

After understanding all this we can move further and think that WHY we need to do a Research? For whom we are doing it? HOW we will do it? What is expected out of it? And so on…..

I will explain in terms of a company/Organization ……………Here it is…..

Why

• What is happening in the Current market?

• Preparing to enter a new market?

• Launching a new product/service?

• Starting a new business?

• What are the trends?

• Who are the competitors?

• How do consumers talk about the products/Solutions in the market?

How

• Defining the Problem or Need of Research

• Defining Target Audience

• Defining Scope of the Research

• Developing the Approach

• Obtaining data that is specific to the problem from Web, In-house Documents, Concerned People/Departments

• Analysis and Interpreting the data

• Fostering Ideas and Problem solving

• Presentation of Outcome

After getting answers for the above questions we should understand and follow a Process shown in the following Steps

Step1: Understanding the Problem/Need of Research

Step2: Defining target audience

Step3: Defining Scope of the Research

Step4: Developing the Approach

Step5: Data Collection---------------------------------RAW MATERIAL

Step6: Perform Data Analysis-------------------------COOKING

Step7: Fostering Ideas and Problem Solving--------DERIVING INFORMATION

Step8: Reporting and Presentation

Common Researches we do at Organizational Level

• Product Specific

• Client Specific

• Market Specific

• Vendor Comparison Analysis

• Product/Solution Features Comparison Analysis

• New Business/Market Research

The main strength of the research is the cooked data…. Means information

What output we got? How we are going to present it?

Mainly we present the derived information in the form of following.

Deliverables

• Presentations

• Word Doc/Reports

• Excel Spread sheets/Comparison Matrix

• Diagrams

Do you remember I was talking about the credibility of the data and information we get; apart from that the most important thing is to religiously follow the Guidelines and checklist. I have prepared the following Guidelines and checklist for your reference. It can me modified as per need of the business or individual.

Checklist/Guidelines

• Scope of the research

• Use of Standard templates, Color Themes

• Cross Verification of Data - Reliability of Data sources and websites

• Quality Of the Data/Information/Deliverables

• Mention Reference links in the deliverables

So what would you say………….Doesn’t data cooked before being served???????

I believe you have got the answer of the above question and now onwards you will be cooking data before serving……….

Warm Regards,

Vipul Sood