Distinguish between internal and external source of data collection. In what situations would you recommend the usages of one over to other?
Answers
Answer:
an electronic machine that can store, find and arrange information, calculate amounts and control other machines
Answer:
Internal data is information generated from within the business, covering areas such as operations, maintenance, personnel, and finance. External data comes from the market, including customers and competitors. It’s things like statistics from surveys, questionnaires, research, and customer feedback.
Research has shown that business analysts consider data generated internally to be more valuable. According to one survey, “About 65% of respondents rank internal data as more important than data collected outside the company.”
Both kinds of data are helpful. Internal data helps you run your business and optimize your operations. External data helps you better understand your customer base and the competitive landscape. You need a clear view of both to have truly insightful business intelligence.