The dominance of Data Analytics and Market Research for business use is indisputable. Trusted by thousands of enterprises worldwide, they continue to evolve as sophisticated tools with changing trends. In our ongoing series of blogs aimed at helping you make well-informed deployments for business insights, this article throws light on some of the most underlying elements of these data procurement tools.
The section below offers a detailed comparison between two of the most powerful data gathering tools on specific characteristics.
1) Storage Point
Data Analytics: Involves processing and mining huge tracts of data and as a natural progression, a large store space is required. Subsequently, the computing power required to manage such quantum leads to increase in operating costs.
Market Research: The data obtained is of limited quantity and hence they needn’t be stored on exclusive devices such as servers and cloud. Since the information is sourced by human intelligence and deliberation, the computing requirements are also minimal.
2) Versatility
Data Analytics: In terms of flexibility with “what you can do”, Analytics scores an extra point since a plethora of tech-aided tools helps in giving a new meaning to a data set. It lets you derive varied inferences from an existing pool.
Market Research: The very purpose of conducting a Market Research is to understand a specific aspect of the market and hence flexibility to derive multiple angles to the information obtained is limited.
3) Shelf Life
Data Analytics: Owing to technological advancements, the ability to supply real-time data with constant upgrading is imminent and distinctive. Therefore, the information obtained has longer relevance and shelf life.
Market Research: The insights derived out can be used only up to a certain period. The relevance fades away with passing time.
4) Intellectual & Emotional Appeal
Data Analytics: The insights derived do not throw much light on human emotions and intellect since its processed data which aims to provide intelligent insights only.
Market Research: On the other hand, Market Research tends to factor, human emotions and intellect when the information is presented to the user.
We hope the factors above will help you make the most optimal selection while deciding the specifics of a project in the future.