Data collection refers to the process of collecting, measuring, and analyzing information from various sources. The data that is collected can then be used to develop and train machine learning models and artificial intelligence.
The data collection process incorporates numerical data, categorical information, and even free text strings. This information will help a researcher evaluate their hypothesis, and the method of collecting the data can vary depending on the field or type of study being conducted.
The primary goal of data collection is to ensure that enough accurate and reliable data is gathered so that statistical analysis can be performed. This enables businesses to make data-driven decisions.
Some methods of data collection include in-person interviews, phone surveys, and online surveys. In-person surveys provide a high degree of confidence but can be very time consuming and expensive. Phone surveys are useful because they can reach almost anyone but can also become costly as they cannot be self-administered. Online surveys are very cheap and can be self-administered, but not everyone may be willing to provide information online.
A study performed by Data Never Sleeps found that we generate almost 2.5 quintillion data bytes each day. That is a lot of information!
Data collection allows organizations to take advantage of historical events to identify patterns. These patterns assist with training machine learning models, which help businesses predict future changes and trends. It also allows for management to make data-driven decisions. The feedback from the data collected can also help an organization understand its customers better and see where they can improve.
The predictions that come from these models are only as good as the data they are built with, so a structured data collection process is essential. For the best results, the data must be accurate and contain information that is relevant to the business problem at hand.
At LogicPlum, our goal is to put you in control of some of the most sophisticated data models in the industry. We help users maximize their ability to analyze data, which can facilitate data-driven decision making and allow you to discover new opportunities for your business.
We work with trusted partners to collect, store, and transform data so that it is ready for use in our automated machine learning platform. You have control over creating new features and can easily import new data, allowing you to be sure that it is ready to meet your specific business needs.