Data Collection and its importance - Invariably data remains to be the biggest asset of all the organizations. One cannot deny the fact that every company is desperately looking for various sources and integrated systems aiming for a secure data collection with maximum efficiency. A survey conducted by a leading IT portal in the US reveals that decisions made with the confidence on reliable data lead to the success rate that is 79% higher than those decisions taken only with pure intuition. The implementation of centralized data collection process is the only requirement for an organization to make data-driven decisions. Upon the application of such data systems, an organization would be able to retain its position strongly with the influence of its competitive advantage and sustainability.
Setting up an organized data collection system helps an organization save a lot of time which otherwise might have been wasted hunting for data, most of which turns out to be useless entities. High-level managers can save their lost hours by an appropriate system containing data collected from various sources and different areas or soils of an organization. The KPI’s (Key Performance Indicators) can be showcased in such a way that the dashboard is designed with specific key performance indicators. Presentation techniques such as graphs or charts can be used by incorporating options to segregate the specific data contained in it.
The increase in ROA is another important factor that should be considered for data collection. Sybase conducted a study conducted by the University of Texas that indicates 10 percent increase in intelligence and remote accessibility. Further, it is proven that the collection of data such as monthly or daily inspections, maintenance schedules and location act as a great thriving force for the improvement of asset lifetime and maximum usability.
Data Management and its importance - Data management is an equally essential task as data collection. It is an area where the amount of effort invested for research should be high. Obviously, there would be several issues related to data management which has to be managed by the principal investigators and research teams prior getting a hand on a new research project. Management of data cannot be done with just a series of simple manipulations rather it needs a careful planning and execution. Adhering to a proper plan before the beginning of a project helps you save time and effort during the resulting process of data management. This technique also provides a compatibility and assurance for your data to be preserved in a clear and usable format.
One of the important benefits of collecting research data is its extraordinary and expensive output across all disciplines. If the evaluation of research results has to be evident, the management of such data should be highly refined. The value of data increases to a significant level as they are aggregated into collections besides turning out to be more available for re-use to address new and challenging research questions. A proper organizational support is greatly needed in order to maintain this great value.
Data Management has some great advantages such as protection of federal investment in the field of research and development, increase the level of research efficiency; it has a greater ability to achieve various funding agency requirements, helps speed up the scientific process in order to save time and resources in the long run, assuring the integrity in research and replication, proper maintenance of research data and records ensuring the completeness, accuracy, authenticity and reliability, provides high level data security and minimizes the risk involved in the data loss, establishes an intense platform for the uniqueness and the importance of data and hinders prototyping of data.