Secondary Sources of Data

Secondary Sources Of Data_Economics

Primary and secondary data are the two types of data available. Information that is acquired, inspected, and used by the same person or source is referred to as primary data. Quizzes, interviews, questionnaires, case studies, and similar data sources are examples of primary data sources. Secondary data can be found in a variety of places. Let’s look at some of the most prevalent sources of this type of data. Secondary data is information that has been passed down from one person to the next. These are not primary data taken from the source. To put it another way, secondary data refers to information that has previously been gathered. As a result, they are less trustworthy than primary data. These are commonly used when the investigation is compact and the exactness of the investigation may be determined to some extent.

Secondary Sources of Data

Secondary data is information that has previously been gathered and is being repurposed for a useful purpose. This sort of data has two types of sources: internal and external. It was originally recorded from primary data. Secondary data analysis can reduce time spent gathering data and, in the case of quantitative data, can produce bigger and significantly greater databases that would be impossible for a single researcher to obtain on their own.

Types of Secondary Data

Internal Sources

Market data, sales data, engagements, customer data, accounting resources, and other forms of data may all be accessible readily inside the business. Internal sources are less expensive and take less time to acquire.

External Sources

External source data is information that can’t be found within a company’s walls but may be obtained through third-party sources. Because there is a large volume of data, the cost and time consumption is higher.

Sources of Secondary Data

Secondary data are information that has been passed down from one generation to the next. These are not primary data taken from the source. To put it another way, secondary data refers to information that has previously been gathered. As a result, they are less trustworthy than primary data. These are often employed when the investigation time is limited and the accuracy of the investigation may be determined to some extent. Secondary data, on the other hand, may be acquired from a variety of sources, which can be divided into two groups.

Types of Sources of Secondary Data

Published Sources of Secondary Data

• Local government articles, as well as publications from the federal and state governments, have been published.
• Statistical summaries, census records, and other reports produced by various government agencies
• Foreign countries’ official declarations and publications
• Chambers of commerce, financial institutions, trade groups, and other organisations’ publications and reports
• Periodicals, magazines, and journals

Unpublished Sources of Secondary Data

• Teachers, academics, and professionals undertake research projects.
• Private and commercial companies keep track of their records.

Advantages

Easy Accessibility: Access to secondary data sources is relatively simple. The way secondary research is conducted has altered due to the Internet. With only a few mouse clicks, you may access a wealth of information nowadays.

Time-Saving: You can do secondary research quickly, as the aforementioned benefit shows. Finding a data source might occasionally be as simple as a few Google searches.

Cost-Effective: The bulk of secondary sources is either free or relatively inexpensive to use. In contrast to primary research, which requires you to plan and carry out the entire primary study procedure from the start, a secondary source allows you to collect data without having to spend any money.

Generating New Insights: Re-examining old data might lead to surprising new insights and points of view, as well as fresh and pertinent conclusions.

Disadvantages

No Control Over Data Quality: The secondary sources might be of poor quality. It’s possible that the information’s source is suspect, especially if it’s gathered over the Internet..

Irrelevant Data: Secondary data isn’t tailored to the demands of the researcher because it was gathered for a different purpose in the past. As a result, secondary data may be untrustworthy for your present requirements. Secondary data sources might provide a lot of data, but the number does not always imply quality.

Outdated Information: Most of the time secondary data can be outdated such as population, literacy rate, census, and so on. Such outdated information can cause chaos.

 Key Steps for Secondary Research

Identify Research Topic

Identify what you’ll be studying and define the topic by considering the research questions you’d want to have answered.

Identify Research Sources

Next, decide which information sources will give the most relevant facts and information for your research.

Collect Existing Data

Start accessing the data and gathering the information into an orderly system now that you’ve compiled a list of data sources. This might entail creating research journal accounts or calling third-party research groups to schedule meetings to confirm the details of data outcomes.

Combine and Compare

You must effectively interpret, filter, arrange, and integrate your data once you have it in one location. Data may arrive in a variety of forms, with some being worthless and others requiring deletion.

Scrutinise Data

Examine the information gathered to see if all of the questions have been addressed. If you need to go deeper into practical findings, repeat the procedure if necessary.

Conclusion

Secondary data sources are an important source of information for many firms in order to better understand and service their consumers. The big data era is upon us. Secondary data’s benefits and drawbacks can help managers of all levels and types make better decisions.