Hello,, Kindly I need help on this discussion post in which I have to response t
ID: 421005 • Letter: H
Question
Hello,,
Kindly I need help on this discussion post in which I have to response to it " incluse citation" .. Thanks!!
The four problems with data collection that are specified in the article are having no data collected, that the wrong data being collected, that the data being collected on process outcomes is only focused on one or a few variables and not all of the variables that will impact the process that the data collection is coming from, and that the people collecting and evaluating the data don’t know what should be measured. In the first problem with the data not being collected there are many issues where you are not able to grasp understanding of the process or any factors that exist within the business process how to grasp an understanding of the inner workings of the business. When not collecting data the business is not collecting any information or knowledge about how the business works and give them no ability to make any improvements because no aspects of the business can be measured without any data to measure. In the finance industry it is impossible to not collect data because everything is measured through data points and the business could literally not exist if there was no data being collected about clients, the market, the business, and the improvements and benchmarks that are always established for financial performance.
The second problem that the wrong data is being collected also produces problems. In not collecting the correct data the business did not create a pre collection process on what aspects of the business that are important and need to be understood to improve any processes and departments of the business. Also this creates issues with wasted time and wasted effort of key roles for not important data material. In the finance industry almost all data variants are important to understand the business, clients, and what improvements could be made. Though in the finance industry the wrong data that could be collected would present a lot of issues as in finance they operate greatly on minimizing costs and wasted resources on incorrect collected data is a large cost waste.
The third problem is only focusing on s single variable or a few variables and not collecting data on all the variables that need to be measured. This is an issue because in the finance industry you could be collecting data points on performance measures but not collecting data on resource allocation that achieved the measured performance which determine how the performance was achieved. In not collecting data on all the important variables there could be missed information that is critical to an improvement or inner working of how something happened the business process. The last problem that is addressed in the article is that when the data is collected the people that are managing the data do not know what measurements of the data to address and conduct after everything is collected. This presents a problem with not having someone on the business team that knows what they are doing in measuring the needed factors. This also addresses that there was no preparation by the business managers to understand what factors need to be understood to get the best understanding of how well the business is operating and how or where to make improvements. In the finance industry this just would not happen because everything in wealth management and investor relationship management is based on measurements and being able to correctly evaluate many factors through many different reports and reporting tools to measure all the necessary financials and data factors on the efficiency of the business and the different projects that the business undertakes.
Explanation / Answer
Data collection is critical to ensure the business evaluates the metrics correctly and arrives at the desired outcomes or results. Problems in Data collection result in a flawed analysis leading to business failure and severe losses, especially in Finance industry. Below are the four different problems in data collection -
1. No data collected - Without collecting any data, there is no scope for an indepth analysis and interpretation of the results leading to lack of data-backed decision making. This might be a result of lack of good grasp and clear understanding of the business requirements based on which data needs to be collected. It is impossible to not collect data in finance industry as data points are collected at every transaction and saved for analysis and reporting purposes.
2. Incorrect data collected - Collecting incorrect data might lead to erroneous results and incorrect decisions leading to failure of business. Collecting incorrect data will not only result in incorrect results but also creates a burden for business due to the time and cost of resources involved in collecting and analyzing the data. In finance industry, incorrect data will result in providing faulty financial information and inaccurate perfiormance to the shareholders.
3. Partial data collected - Collecting partial data will also provide inaccurate results leaving important factors or indicators that would impact the metrics. In finance industry, collecting incomplete data would provide a wrong direction to the firm's finacial performance and deviates from the actual results.
4. Lack of understanding on the metrics to be measured with the collected data - Lack of understanding from the resource standpoint would result in difficulty in arriving at the functionalities that cater to the actual busines requirements of the firm. In finance industry, understanding metrics is critical to report the performance correctly.
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