Any business model that is out there contemplating of a win-win situation in terms of consumer turnover as well as profit making has to buckle up and come to the senses. Businesses are not about sitting down and selling products and services. The background job is something that has to be catered and that too in the most efficient manner.
Although audit support is required to bring the intermittent faults under control, the primary mode of conduct should be through the research activities by the company itself. The process from the beginning has been managed by the company and its caretakers. It is their job to ensure that the company is performing smoothly.
To assess the performance, the qualitative data has to be compiled, it is then assessed for possible faults and discrepancies in its construction, and data analysis is done in its completeness. This kind of analysis is aimed at answering the questions raised by the research activities which is further fine tuned with the secondary research.
To give a good feedback through the data analysis, two kinds of approaches are possible. Before the data is collected or when the collection process is on, the decision about the type of analysis is already made and this is stuck to till the end. Exploratory analysis is used to explain the various meaning of the data that is collected. Different models of data description are searched for and are implemented to give a meaning to the data. All the possible angles are thought about and if required more data is added.
The other type is of the confirmatory nature. In this type the data are tested with set rules and hypotheses. More care is required when the exploratory method is used as searches for multiple models can lead to picking up the wrong method of interpretation. A careful correction of the significance level is to be tested.
Organizations should be careful not to mix these two types of data analysis. These are results that could have serious implications on the methods of improvement that are supposed to be applied later on. The conclusions from such data interpretation are made use of, in the drawing up of the plan of action.
Companies should also keep in mind that the audit support is there for checking any faults in the previously adopted data management system. Research activities are also going on simultaneously. On the whole, the system is put up in a manner that is complete. At some step the defect would be in the net but then there has to be more work that is required to correct the defects.
Nowadays in the competitive world, a number of companies are taking up the crusade to streamline their analysis system. They are targeting to catch the culprit during the process rather than do a back check after a setback. And with technically sound and smooth systems at work in form of audit and research, this aim is achieved. Proven set of policies are being adopted and companies are working out of their skin to bring an efficient analysis in their day to day activities.
