Grade 8 Term 1 Notes

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The Purpose of Data/Information collection
The main purpose of data collection is to use it to glean actionable insights that can help the
organization to succeed in terms of better productivity, faster results, lesser time spent and greater
profit ratio and finally improved return on investment.
Data collection is the process of collecting unstructured, semi-structured or completely structured

information. The approach and purpose of collecting data vary as per the field or industry going to use it.
The type of information that is to be retrieved from the collected data also is a deciding factor.
Data has revolutionized every domain to a wider extent and most of the top-notch industries are taking
advantage of it. The dependency on data has rapidly accelerated with the effective visibility of success
through the right data collection. Diving more into the specificity of data collection, here are some of the
points why an organization must keep in mind the purpose of collecting accurate data:
1) Collect data to improvise on data strategies
In today’s world of business, the utilization of data is boundless. When it comes to the customer, it is
essential to monitor customer activity and customer preferences in order to understand them and
improvise on catering to their needs. A good data strategy has the capability to own a brand loyal
customer for long; so why not collect data which reveals more about the customer and their
requirements.
2) Collect data to probe to the right customer
An aim to cater to multiple demographics, multiple types of clients has been prime for nearly all the
organizations, may it be real estate or retail, and hospitality or logistics. The sales and marketing
department suffers most of the time with incorrect sales leads ending up targeting incorrect customers
or clients. The collection of accurate and precise data helps an organization to hustle for the right client
and without much difficulty.
3) Collect data to make processes more efficient and effective
There is unsaid anxiety for change in processes. Businesses often lack confidence when it comes to
taking risks of changing their business processes, but here “quality data “acts as a savior for most of
these firms. It so happens that most of the time companies change a policy or process based on intuition
or gut feeling, but taking the help of data in form of facts and figures – makes the change more effective,
efficient and meaningful.
4) Collect data to get deep into facts
Increasing the number of industries, almost all of them, now depend on data and its sources rather than
intuitions, as there is no way to prove what made them take decisions. It is different when it comes to
data. You can always take data-backed decisions and there is constant support that data provides to
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plan and strategies. Collecting right data can help you get deeper insights and more clarity on challenges
and theories.
5) Collect data to reduce risk
Usually, challenges are encountered due to incorrect or inappropriate data collected. However,
organizations fail to realize that the solution to those challenges is accurate data. Accessing and
leveraging the right set of data will act as a preventative measure against making uninformed decisions
– or decisions made based on gut feels.
Moreover, with a good set of data, you can run mathematical and statistical tests to validate the
problem, ascertain goals and measure your progress. A good data collection simplifies your problem-
solving ability and when combined with statistics it gives you the firepower to move faster in your goals.
https://ecomputernotes.com/mis/decision-making/role-of-information
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Usefulness of information
For information to be considered as useful it must be:
 Relevant
 Accurate
 Timely
 Complete
 Cost-effective
 In an appropriate medium
Five characteristics of useful (high quality) information:
Five characteristics of high quality information are accuracy, completeness, consistency, uniqueness,
and timeliness.
Information needs to be of high quality to be useful and accurate. The information that is input into a
data base is presumed to be perfect as well as accurate. The information that is accessed is deemed
reliable. Flaws do arise with database design but do not let something in your control, accurate and
reliable data, be one of them. A database design that is accurate and reliable will help achieve the
development of new business ideas as well as promoting the organizational goals.
Completeness is another attribute of high quality information. Partial information may as well be

incomplete information because it is only a small part of the picture. Completeness is as necessary
as accuracy when inputting data into a database.
Consistency is key when entering information into a database. For example, with a column for a phone
number entry 10 digits is the expected length of the field. Once the fields have been set in the
database, a number more or less than 10 digits will not be accepted. The same applies for any field,
whether it is an entry that requires a number, a series of numbers, an address, or a name, etc. If the
fields are not set to a specific limit for information then consistency is even more important.
Uniqueness is the fourth component of high quality information. In order to add value to any
organization, information must be unique and distinctive. Information is a very essential part of any
organization and if used properly can make a company competitive or can keep a company competitive.
A fifth important aspect of information is timeliness. New and current data is more valuable to
organizations than old outdated information. Especially now, in this era of high technological advances,
out-of-date information can keep a company from achieving their goals or from surviving in a
competitive arena. The information does not necessarily need to be out of date to have effect, it just
needs to not be the most current. Real-time information is an element of timeliness.
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Information as a commodity
Information can be defined as data that has been converted into a more useful or intelligible form.
A commodity is any useful or valuable thing, especially something that is bought and sold. A commodity
is a basic good used in commerce that is interchangeable with other goods of the same type. Traditional
examples of commodities include grains, gold, beef, oil, and natural gas.
We define an information commodity as a commodity whose function it is to enable the user, a goal-
seeking system, to obtain information, i.e., to otain the ability to decide or control. Books, databases,
computer programs, and advisory services are common examples of information commodities.
Types of information for sale
What exactly is an information product?
Information products are products where the most important part of what you sell is knowledge.
Usually these products are sold digitally, and can be downloaded from your website.
Because “information” is the key value of an information product, they often don’t have any kind of
physical form.
Types of information products include:
 Ebooks
 Membership sites
 Webinars
 Cheat sheets
 Online courses
 Reports and analysis
 Templates and teardowns
 Live events
 Live event recording and recaps
In some cases information products aren’t digital. Coaching or mentorship as a product is one example
of non-digital information products (as are in-person events).
In the days before the internet, it was common to see people selling “reports” or video courses on DVDs.
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Grade 8 Term 1 Notes

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1

The Purpose of Data/Information collection

Data collection is the process of collecting unstructured, semi-structured or completely structured

1) Collect data to improvise on data strategies

2) Collect data to probe to the right customer

3) Collect data to make processes more efficient and effective

4) Collect data to get deep into facts

5) Collect data to reduce risk

For information to be considered as useful it must be:

Five characteristics of useful (high quality) information:

Completeness is another attribute of high quality information. Partial information may as well be

Types of information for sale

What exactly is an information product?

Types of information products include:

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