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Importance Of Data Gathering

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Data gathering is the process of collecting and measuring information on targeted variables in an established systematic system, which then enables one to answer stated research questions, test hypothesis and evaluate outcomes. The goal for all data collection is to capture quality evidence that then translates to rich data analysis and allows the building of a convincing and credible answer to questions that have been posed.

Accurate data collection is essential to maintaining the integrity of research, making informed business decisions and ensuring quality assurance. For example, in retail sales, data might be collected from mobile applications, website visits, loyalty programs and online surveys to learn more about customers. In a server …show more content…

Decision making or making choices is a critical activity in the lives of managers. Decision making may be viewed as the process by which individuals select course of action from among alternatives to produce a desired result. It is a process made up of four continuous interrelated phases: explorative, speculative, evaluative and selective.

Decision making occurs as a reaction to a problem. A discrepancy exists between some current state of affairs and some desired state, requiring consideration of alternative courses of action. Moreover, every decision requires interpretations and evaluation of information. Data is typically received from multiple sources and it needs to be screened, processed, and interpreted. What data is relevant to the decision will depend on the perception of the decision maker.

Nature of Data Gathering, Design Model and Decision …show more content…

Rather than being tied up in the cash crunch and standing in the never ending ATM queues, more people switched to online payments.
There has been a rise in the number of debit and credit card transactions. Even smaller vendors have introduced cashless payment methods. There has been a significant growth in the mobile wallet sector. Transferring money as well as making payments for online orders is easy with mobile wallets. More people have begun to fill up their mobile wallets resulting in the growth of the mobile wallet providers like Paytm, Mobikwik and more.
Unified Payments Interface (UPI) will see a steady growth. The support of the government has also been in favor of promoting UPI for online payments. The first main benefit is the freedom to choose an EMI option for your bigger purchases. If you purchase a smartphone or laptop on EMI, you short-term financial strain would be less.
Banks like ICICI have introduced debit card EMI option for mobile and other purchases. This can also benefit customers making online purchases without a credit card. Imagine being to purchase all high-end smartphones and laptop on EMI even without owning a credit

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