Why Primary Data is more reliable?

Here’s why Primary Data is more reliable than Secondary Data!

It’s almost inevitable for a business to excel without the help of data in today’s data-driven world. When it comes to creating business strategies and reports, data is very crucial. However, there two types data used in common. One is Primary data and the other is Secondary data. Though secondary data is cheaper and easily available, the primary data is more reliable and useful for business analysts while drawing accurate reports. 

Primary Report versus Secondary Report

Primary data is often a first-hand data acquired directly from the original data source without the interference of Secondary data. The most common sources of primary data originate from researches and authentic survey projects. Whereas, secondary data is usually a second-hand data which doesn’t directly be acquired from the data source but from someone else who collected it in the past and made available. 

Why Primary Data is more reliable?

Considering the fact that Primary Data is collected from the original and authentic source, it is often considered to be the most reliable and useful. Majority of those primary data will be associated with research projects with specific intent and goals which make the job of the business analysts to generate reports with accuracy. The ultimate example of Primary data is the businesses collecting data directly from its existing customers. Other than directly collected data, the data collected by Governmental organizations, Govt authorized agencies, investigation agencies and research institutions are also recognized as Primary Data.

Key Characteristics of Primary Data:

Accuracy: Since the information gathered is first-hand, the data will be more accurate and relevant to the current timeline.

In-Depth Analysis & Insight: The Primary Data will often is comprised of deeper insight with information like raw thought; it is very easier to get the in-depth analysis and insights about the prospects, clients or opinion among the competitors.

Predictability & Control: The researcher or the authority will have the total control of the Primary Data collected which makes it more predictable and easier to draw the reports.

Reliable Results: Since every Primary Data will be derived from reliable source, the results will also be more reliable. Most of the data will be tried, tested and proven practice of research.

Ownership: The Primary Data will always have an ownership since the data is a first-hand data without the interference of unauthentic Secondary Data.

Following are the types of Primary Data that are currently in trend:

Interviews: An in-depth analysis and insights can be achieved with the help of interviews from the experts, participants, competitors and other key players of the industry/business. These interviews can