From the course: Introduction to Business Analytics (2020)

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External data

External data

From the course: Introduction to Business Analytics (2020)

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External data

- How well do you understand your market? You can have an extremely robust internal reporting system that hits on all the most important metrics, but this is only one part of the broader picture. By incorporating external data sources into your overall analysis, you can better understand the entire ecosystem that your organization lives in. The first kind of data source that you can use to learn about your market are Industry Reports. These can help you understand who are the major players in your space, the size of your market and other high-level data points that you should bear in mind when you're thinking about the future of your organization. This can help keep your plans realistic. The second kind of external data source that you can lean on is Market Research. There are companies whose sole purpose is to collect and understand data about specific kinds of markets. For example, Nielsen is an organization that sells…

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