The Future of Data: Machine & Humans
While you focus on building a tech-savvy company, you still need humans to give your data context!
Within the Data industry, data collected by machines is called Big Data. It is then analyzed using Machine Learning Algorithms. While data collected and analyzed by humans is called Market/Marketing Research.
Big Data is a set of collated data – structured or unstructured. Through Machine Learning Algorithms and scientific methods, it is analyzed to uncover patterns, trends and associations. We find insights that relate to human behaviour and interactions. Since the analysis is done by algorithms, the data is processed faster, with more valuable insights generated; the data is also rich as it is a combination of large data sets from various sources – all these lead to quicker, more informed decision making.
With all these benefits highlighted above, do we still need Market/Marketing research? Yes! The most important feature of Market Research is data security! There are no privacy and data breach challenges. Market/Marketing Research also prevents the misuse of data.
So what is our recommendation? Use both! Leverage on the pros of Big Data Analysis and use Market/Marketing research to cover up Big Data Analysis cons.
At Versa Research we carry out in-depth research; whether it be Big Data Analysis or Market/Marketing Research, with high accuracy. Drop us an email!