Explain how quantitative data cannot be used by businesses

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Analyzing and dealing with vast amounts of data in a company or organization is essential. They can analyze customer data to develop better products, survive among many competitors in markets, and lead to businesses be successful. In particular, Quantitative analysis is a method to help managers make better decisions by identifying and accessing data collected for accurate information such as supply chain. On the other hand, since qualitative analysis interprets things that are difficult to explain by quantity or numbers such as weather, the two analyses work differently.

However, the idea that the company vaguely gains the upper hand in the market through customer data is a miscalculation. Data is critical, but the strong key to actually surviving the market must be equipped with network effects and data-enabled learning at the same time (Hagiu & Wright, 2020). With technological advancement, data-based learning, such as customer information, social media, and search patterns stored on the Internet became more influential than before, but it is also necessary to understand how competitive and continual this data is. For example, one of the questions presented in the article 'When data creates competitive advantage' is whether the value of consumer data can be added to the value of the product. As the values are added, this product or brand can maintain a competitive benefit.

Question: After reading the opinion above, please explain how quantitative data cannot be used by businesses without qualitative data (they are intertwined).

Reference no: EM133269326

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