Data is an important resource as it facilitates effective decision making in many spheres of life. Technological advancements have improved data gathering by creating new tools and opportunities to collect the critical resource. The emergence of social media has fundamentally improved information gathering by enabling researchers to specifically target certain populations with ease. Besides, they get feedback immediately and at a lower cost compared to traditional methods. For example, a simple Twitter poll and the accompanying comments can be more effective than a paper survey. In addition, technological developments have created data collection software and tools that have improved the collection process’s effectiveness. A good example is a mood sensing retail device that helps retail stores respond to customer behavior based on the data collected. For instance, the tool can collect data on what a customer has chosen and predict what they may want to buy. No traditional data collection method can be that effective in the gathering of customer data.
The importance of data in the modern economy cannot be underestimated as it plays a role in decision-making in different fields. As technology continues to develop, data gathering has improved due to the new tools and opportunities it introduces. One of the most important developments in social media, is as it helps researchers collect data quickly and cheaply. In addition, the data collected is specific and more targeted. A poll on a Facebook page can target a wide audience and bring feedback faster than a traditional paper survey. Additionally, new digital data collection tools have also improved data collection significantly. For example, some retailers in Europe have been using mood sensing devices to collect customer behavior data. For example, the device can read the customer’s mood and respond by giving them a discount. It can also predict what they may want to buy based on what they have already bought. Such data cannot be collected using the traditional data collection approaches.