Data collection is essential for researchers across any domain. Data collection is the process of gathering the information that helps to understand and answer the research problem. Data is the most important and vital for researchers to carry out their study. Data is the basic element of all the statistical analysis. Today almost 90% organization uses data to build their strategies and methodologies. Therefore gathering and collection data should be from a reliable source to gain maximum insights. The process of data collection requires a proper understanding of the research problem and thereby selecting the best method to populate the data. The selection of data collection method depends on the resources available, credibility, analysis and skill set of the researchers.
When the data is gathered, collected and analysed by someone, then data is said to secondary data.
The secondary data is readily accessible from different sources as the data was previously collected by someone else before using it for your current research, its essential for every researcher to get familiar with the information presented to us from different sources. It’s also important to understand how the data was collected when was data collected, was there some sampling technique applied to gather the data, whether weights were applied during the analysis. Secondary data is quite summarized and therefore using it, our analysis would increase the effectiveness of the study. Secondary research is way more cost-efficient than primary research as it used pre-existing data rather than collecting fresh or first-hand data by researchers to carry out their research.
Secondary data is readily accessible on :
- publications of the central, state, local governments
- publications of foreign governments or international bodies
- trade and technical journals.
- Business magazines
- Newspapers, books & magazines
- Publications and Journals of various industries, banks, other business.
- Reports generated by a statistician, research scholars, economist and various universities.
- Other published historical documents and public libraries etc.
Government data are widely accessible and reached online, and can give insights linked to product shipments, trade activity, business formation, pricing and economic trends, etc. However, data is usually not done explicitly for the topic you are involved in, so it can take some guidance and cross-checking of the data to make it usable.
Associations in an industry typically hold websites packed with useful data — a survey of the business and its past, a list of competing organisations, press releases about the product and company news, professional resources, and reports about industry drifts. Some information may be available to members only, but business relationships are a great place to learn about a new industry.
Publications as reviews and news articles, most of which make their content available online, are an excellent source of in-depth product,competitor data related to specific industries. Often, news articles incorporate insights taken straight from managers at managing companies about modern technologies, industry drifts and procedures.
Websites can be practical goldmines of knowledge. All the public companies will have investor relationships parts full of annual news. Administrative decisions and investor performances give insights for both the company’s and individual performance and that of the industry at large. Public and private companies’ websites will provide data on sectors worked, geographic presence, organizational structure, sales techniques, customer connections and discoveries.
Although a researcher needs to be meticulous for using secondary data, he needs to perform molecular analysis because the secondary data may be inappropriate or maybe incompetent in the context of the problem which the researcher requires to investigate. The researcher must sensibly select the method/methods for study; it is important to keep in mind nature, scope of the research problem, the availability of funds present to carry out the results, time available to carry out the research, the precision required. The accessible available should only be used by the researcher when he or she finds it is adequate, reliable and suitable for their study. But he or she should not carelessly reject the utility of data if they are easily accessible from trustworthy references and are also suitable and adequate for in that case, it will not be reasonable to waste time and energy in surveys for gathering knowledge. Secondary data is both quantitative and qualitative data.
The steps required in carrying secondary research:
1. Identify the topic of study: Before commencing secondary research, identify the problem that needs examination. Once that’s done, list down the research properties and its purpose.
2. Research sources are identified: narrow down on the data references that will give the most appropriate data and knowledge relevant to your analysis.
3. Collect existing data: Once the data gathering sources are checked, then we use previously accessible data, which is almost related to the topic. Data associated with research can be collected from various sources like publications, public institutions, government and non-government companies etc.
4. Combine and compare: Once the data is gathered, combined, then analyze this data for any duplication and compile data into a convenient format. Data collected should be from reliable sources. Inaccurate data can also hinder analysis.
5. Analyzing the data: Interpret data that is gathered and identify if all topics are answered. Try and repeat the process until you get useful insights from the data.
Advantages of Secondary data
- It is inexpensive. It saves company expenses to a great level.
- Its cost-effective and time-saving technique
- Its helps to build the gaps between data and helps to make primary research more effective.
- Its helps to get a deeper understanding of the problem.’
- Its give a researcher an added advantage and helps in comparing the data collected by the researcher.
- Its provide a high level of professional insights.
- It can be reused as and when required.