Question

Assess 3 different sources of business data and how this can be assessed and used for planning purposes e.g. internal information within the organisation such as HR metrics and industry (external) information such as trends in HR, competitive information and government information. (AC3.2)

700 words

Answer 1

Assess 3 different sources of business data

In general, there are three types of resources or sources of information:

primary,

secondary, and

tertiary

There are four different areas a company can gather internal data from:

sales,

finance,

marketing, and

human resources.

Internal sales data is collected to determine revenue, profit, and the bottom line.

Other online data source:

• Data Market.
• Data StreamX.
• Knomea.
• LexisNexis.
• Google Public Data.
• Amazon Web Services.
• Quandle. .
• Figshare.

2. how this can be assessed

Data assessment source provides methodological context in which data source is being assessed.

The presented flow cover data source assessment from the movement there is a need identified for the introduction for a kind of data until the movement that actual integration starts.

It is a collaborative process which result in technical motivation to how to add the data and road map towards the actual harvesting plan.

Data source assessment criteria:

• Access points for retrieving data
• Machine readability
• Data source complexity
• Durability of data source
• Licensing
• Contact points etc.

3. Use for planning process:

Using internal and external data is an essential element in good decision-making. Companies that use more internal and external data sources possess a greater range of possibilities for data analysis.

External data comes from the market, including customers and competitors. It's things like statistics from surveys, questionnaires, research, and customer feedback.

Example

Social media

Professional media data

Blog data

News media data

Whether data

The benefits of using external data External data providers make available high quality information and data for reuse by organisations to support strategic planning. The quality of data held is assured. Large quantities of data are freely available to organisations from providers' websites.

Internal data is information generated from within the business, covering areas such as operations, maintenance, personnel, and finance.

Example:

HR data

Marketing/ account data

Memos

Policy documents

Employees performance reports

State of business report

Internal mail

Data bases

Website

IT tag