DATA COLLECTION

1. ◤
DATA
It is a collection of discrete or continuous values that convey information,
describing the quantity, quality, fact, statistics, other basic units of meaning, or
simply sequences of symbols that may be further interpreted formally.

2. Data can be defined as a systematic record of a particular quantity. It is the different
values of that quantity represented together in a set. It is a collection of facts and
figures to be used for a specific purpose such as a survey or analysis. When arranged
in an organized form, can be called information.

3. Examples of data sets include price indices (such as consumer price index),
unemployment rates, literacy rates, and census data. In this context, data
represents the raw facts and figures which can be used in such a manner in
order to capture the useful information out of it

4. Data has been described as “the new oil of the digital economy”. Data, as a
general concept, refers to the fact that some existing information or
knowledge is represented or coded in some form suitable for better usage
or processing.

5. ◤
DATUM
Datum is an individual value in a collection of data. Data is usually
organized into structures such as tables that provide additional context and
meaning, and which may themselves be used as data in larger structures.
Data may be used as variables in a computational process.

6. ◤
CLASSIFICATION OF DATA
Data classification is defined as the process by which structured
and unstructured data from various documents is segregated into
categories defined on the basis of file size, type, source, location,
content, and more
The method of arranging data into homogeneous classes according
to the common features present in the data is known as
classification

7. ◤
A planned data analysis system makes the fundamental data easy
to find and recover. This can be of particular interest for legal
discovery, risk management, and compliance. Written methods
and sets of guidelines for data classification should determine what
levels and measures the company will use to organise data and
define the roles of employees within the business regarding input
stewardship.

8. A planned data analysis system makes the fundamental data easy to find and
recover. This can be of particular interest for legal discovery, risk management,
and compliance. Written methods and sets of guidelines for data classification
should determine what levels and measures the company will use to organise
data and define the roles of employees within the business regarding input
stewardship.

9. Once a data -classification scheme has been designed, the security standards
that stipulate proper approaching practices for each division and the storage
criteria that determines the data’s lifecycle demands should be discussed.

10. ◤
OBJECTIVES OF CLASSIFICATION
OF DATA
The following are main objectives of classifying the data:
1. It eliminates unnecessary details.
2. It facilitates comparison and highlights the significant aspect of
data.
3. It enables one to get a mental picture of the information and
helps in drawing inferences.
4. It helps in the statistical treatment of the information collected.

11. ◤
It is broadly classified into
▪ PRIMARY DATA
▪ SECONDARY DATA

12. ◤
IMPORTANCE OF DATA
1: Data helps you make better decisions :
Businesses can harness data to make decisions about:
▪ Finding new customers
▪ Increasing customer retention
▪ Improving customer service
▪ Better managing marketing efforts
▪ Tracking social media interaction
▪ Predicting sales trends
In sum, data helps leaders make smarter decisions about where to take
their companies.

13. 2: Data helps you solve problems
3: Data helps you understand performance :
Simply put, data helps you see performance. Sports teams are a
great example of businesses that collect performance data to make
their teams better. There isn’t a professional team, today, that does
not employ a team of data collectors and analysts to help support
and improve play on the field. They are always updating data about
who’s doing what well and how that can help the team excel, overall.

14. 4: Data helps you improve processes
Data helps you understand and improve business processes so you
can reduce wasted money and time. Every company feels the
effects of waste. It depletes resources, squanders time, and
ultimately impacts the bottom line.
For example, bad advertising decisions can be one of the greatest
wastes of resources in a company.

15. 5: Data helps you understand consumers:
Without data, how do you know who your customers are? Without data, how do
you know if consumers like your products or if your marketing efforts are
effective? Without data, how do you know how much money you are making or
spending? Data is key to understanding your customers and market.