BUSINESS RESEARCH

With the increase in competition in the business world, the need for business research has also increased. Business leaders need to constantly undertake thorough research of all the areas of a business including the market and customers and use information obtained to maximize sales and profits of the business. They need to carry out research in order to effectively target their customers, understand the market trends, project sales, locate opportunities, prevent future problems, gather better knowledge about production departments and financial practices.

Business research is vital to help better understand the needs and requirements of the existing and potential clients. This helps in the development of products and services based on the customers’ requirements and expectations. Business research also helps the business to know their competitors move and helps the business to remain abreast about the latest trends in their industry.

To carry our research, businesses require software that can help them gather as much information as possible within the shortest time possible.

Data Analysis Software: An Introduction

Data Analysis software is defined as a tool that is used to process and manipulate information, analyze the relationship and correlation between the dataset by providing quality analysis like transcription analysis, discourse analysis, grounded theory method and content analysis, and decision-making methods using the Analytical Capabilities, based upon these capabilities data analysis software is classified as exploratory data analysis and confirmatory data analysis.

Data Analysis

Data Analysis helps in the form of clarification, understanding or interpretation of the individuals and things to assist within the meaningful and symbolic content of qualitative and quantitative information. Qualitative and Quantitative are two fundamental methods of aggregating and interpreting data in the analysis. These strategies can be used independently or at the same time since all of them have the same objectives.

Quantitative analysis is often related to numerical analysis where data is collected, classified, and then computed for definite findings using a set of statistical methods. Qualitative analysis, on the other hand, is concerned with the analysis of information that cannot be quantified and is related to the understanding and insights of objects.

Quantitative and Qualitative research data analysis strategies provide tools that help in transcription analysis, cryptography and text interpretation, algorithmic abstraction, content analysis, and discourse analysis that helps users to avoid wasting time and manage large amounts of information, increase flexibility, and improve validity and suitability of information analysis.

Best software for quantitative data analysis.

Statistical Package for Social Sciences (SPSS): SPSS is the most popular quantitative analysis software program used by social scientists.

STATA: STATA is an interactive data analysis program that runs on a variety of platforms. It can be used for both simple and complex statistical analyses.

SAS: SAS is short for Statistical Analysis System, is also used by many businesses.

R: Free to download and use. You can add your own programs to it if you are familiar with statistics and programming.

NVivo: “It helps researchers organize and analyze complex non-numerical or unstructured data, both text and multimedia,” according to UCLA Library.

MATLAB: Provides “Simulations, Multidimensional Data, Image and Signal Processing,” according to NYU Libraries.

Quantitative Data Analysis Software

Quantitative data analysis software helps in the form of explanation, understanding or interpretation of the people and situations to help in the meaningful and symbolic content of qualitative data. Qualitative data analysis software is a system that helps with a wide range of processes that help in content analysis, transcription analysis, coding, text interpretation, recursive abstraction, grounded theory methodology and to interpret information so as to make informed decisions. The types of qualitative data include, telephone interviews, internet interviews, focus groups, email interviews, face-to-face interviews, nominal groups, Delphi groups, observation notes, and document collation, among others.

Qualitative data analysis software offers content searching tool, coding tools, writing and annotation tools, linking ability and mapping networking tools.

Top Qualitative Data Analysis Software

NVIVO, ATLAS.ti, Provalis Research Text Analysis Software, Quirkos, MAXQDA, Dedoose, Raven’s Eye, Qiqqu, WebQDA, HyperRESEARCH, Transana, F4analyse, Annotations, Datagrav are some of the top qualitative data analysis software.

Conclusion

The ability to prospect and clean the large information is important within the 21^st century and for that proper data analysis tools are required to compete with your rivalries and add edges to your business. You can decide your appropriate data analysis tool based on your needs, development, revenue, cost of your organization.