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short teaser on the value of qualitative analysis as complementary must to Big Data - it is intended to trigger critical reflection and discussion about the right mix of analysis tools for sustainable business success
Qualitative analysis for sustainable business success
Qualitative Analysis for Businesses >> Udo HohlfeldQualitative Analysis forSustainable Business Success
Qualitative Analysis for Businesses >> Udo HohlfeldBuilding strategies for sustainable success requires adeep understanding of the market, competitors andcustomers alike.Number crunching alone is not enough. Successfulbusinesses constantly have to be abreast of thecompetition. It is not simply being more often right thanwrong with decisions.Only the enrichment of big data with soft metrics allows todetermine the right strategy for success.2 – How does this relate to business?
Qualitative Analysis for Businesses >> Udo HohlfeldQualitative Data Analysis provides insights on humanbehaviour – soft metrics – that cannot be quantified butsignificantly impacts DECISIONS.Quantitative Data Analysis is good to have. Yet it lacks thesocial and individual dimension of FACTS.Qualitative and Quantitative Data Analysis arecomplementary in various ways.3 – Qualitative Analysis is Key for Insights
Qualitative Analysis for Businesses >> Udo Hohlfeld4 – Key distinction between quantitative and qualitative analysisstatisticalanalysis ofstructured,standardizeddatatesting ofhypothesesmeasures the“how many”quantitativeunderstanding,interpretation ofunstructureddataexploration ofquestions,generatinghypothesesexplains the“how” and “why”qualitative
Qualitative Analysis for Businesses >> Udo Hohlfeld5 – Key data resourcesbooks, journals,whitepapers,documents, news,blogs, …individuals,organizations,groups, …surveys, focusgroups,observations,interviews, …quantitativequalitative Data sources for either quantitativeor qualitative data analysis aremore or less the same.The design of the data sources ismore structured for quantitativeanalysis to be able to measureand count. For qualitative thedesign is more open andunstructured to be able to exploreand understand.
Qualitative Analysis for Businesses >> Udo Hohlfeld6 – Imagine0500100015002000BMW Mercedes Audinotional car salesnotional car salesI bought itbecause of…You can count howmany cars were sold, …… but this does notnecessarily explain why.
Qualitative Analysis for Businesses >> Udo HohlfeldAsk yourself in which area quantitative analysis does notprovide sense-making answers or even lacks sufficientinsights for strategic decisions.Apply qualitative analysis to improve your strategy andeven predictions on future developments of yourmarket(s), competitors as well as customer demands.Make contact – www.infoplusdaten.net7 – What should you do now?