Data Analytics in Business: Qualitative and Quantitative

Data Analytics in Business: Quantitative and Qualitative Analysis

Quantitative Analysis, as the name suggests, it deals with numeric information. The information that is tangible or can be measured falls under this category. On the other hand, qualitative analysis revolves around opinions, the ones which can’t be explained by numbers. It is more of an abstract concept.?

The two terms are prominently used in business analytics, where it becomes indispensable to differentiate between the two and deeply understand their application. Puzzling up the two can have negative consequences on the entire project that you might be working on for years.?

Let’s dig deep into the two concepts comprehensively:?

Quantitative Analysis: Quantitative Analysis is indicated in terms of numbers and graphs. The numeric data is collected and compared to perform quantitative analysis. The facts and standards are established using quantitative analysis. If we look from the perspective of a business owner, such kind of data is important to turn prospective customers into buyers.?

For instance, a person owns a bakery business. The marketing tools have succeeded in drawing the attention of the customers. The customers were lured into checking out the website of the business. Hence, generating a tremendous amount of traffic to the website. However, it is observed that 70 percent of the traffic on the website add products to the cart but never place the order. This number can be used to generate meaningful information and eventually bridge?the gap between the business and the customer.?

Qualitative Analysis: Qualitative Analysis is expressed in form of words. It focuses on the emotions, and opinions of the people. This form of analysis is subjective. It may not represent a larger section of the population, nevertheless, it is equally considerable for the growth of a business. The process of qualitative analysis is majorly performed manually, and cannot be described numerically. It is less tangible. It is useful in situations where the information cannot?be reduced to numbers to derive meaningful data. For instance, the quality of a product. The testimonies of the customers are an ideal example of qualitative data. Qualitative Analysis can be performed using various methods, including open-ended surveys, focus groups, literature reviews, and so on.?

It is significant to understand the importance of quantitative as well as qualitative analysis and to note how they work effectively in business. Both are vital for the growth of a business. Understanding what to use and when to use helps businesses perform effectively and to reach beyond.