Secondary Data may be collected from a wide variety of sources. Broadly, we can classify these sources into two types. Such as Internal Sources & External Sources.
Internal Sources of data are those data that are originated in the organization or generated by the organization. Internally, secondary data can be collected from an organization’s own records and database.
For Example, An Accounting information system (AIS) of an organization can provide timely & accurate decision-support information. Some internal sources of secondary data are described below:
The sales records of an organization can be a vast source of secondary data. Every organization keeps records regarding Its operation e.g. sales orders received & delivered recording the cost of goods sold, preparing sales invoices, return of goods, preparing sales reports, etc.
A wide range of information can be collected from the above sources. For example, from sales orders and invoices, the following information may be obtained:
- Sales by geographical region.
- Sales by type of customer.
- Prices & Discounts.
- Average Sales by sales personnel.
- Sales personnel’s commission.
The above information is useful to identify an organization’s most profitable product & customer & this information is widely used specially incase of marketing research.
An organization’s financial data can be obtained mainly from its financial statements. The financial statements comprise income statement, balance sheet cash flow statement, notes to the financial statement & owner’s equity statement.
The above financial statements provide information regarding the financial performance & financial position of an organization that
Financial data are widely used in research especially in accounting research e.t. capital market research.
A company that keeps records regarding transport operation is efficient in determining the most profitable route or cost-effective route. Good data on transport operation enables the firm to conduct trade-off analysis & enables the firm to conduct trade-off analysis & enables the firm to have the best financial outcome.
Storage data can also be a great source of secondary data that can be used by the researcher. Information about strong cost, stock handling cost, stock out rare, etc. information one uses to analyze the efficiency and effectiveness of the operation of an organization.
There is another internal source of collection secondary data e.g. an origination background information of published documents, employee records, etc.
External data are those data that are generated by an entity other than the researcher’s organization. Most of the secondary data are collected by the researcher from external sources. Some external sources of secondary data are described below:
Govt. statistics is one of the largest sources of secondary data. In every country, govt. conduct research to develop
- Population statistics.
- Agriculture statistics.
- Import/Export statistics.
- Social survey e.g. family expenditure survey.
- Production statistics etc.
Trade associations can also be a large source of collecting secondary data.
Published market research repeats and other publications are available from a wide range of organizations that charge for the information. Typically marking people are interested in consumer info and media statistics obtained from large-scale consumers or formers.
The commercial organization provides funds, for the collection of data which are
Information on a broad range of subjects is available from broadcast and print media. CNN Financial News and Business Week are valuable sources for information on the economy and many industries.
Media frequently commission research studies about various aspects of Americans’ lives, such as financial affairs, and make reports of survey findings available to potential advertisers free of charge.
Data about the readers of magazines and the audiences for broadcast media typically are profiled in media kits and advertisements.
Data such as these are plentiful because the media like to show that their vehicles are viewed or heard by advertiser’s target markets.
National & International Institutes:
There are different national & International institutes worldwide from where the researcher can collect secondary data. Some examples of such institutes are:
- Bank economic reviews.
- University research reports.
- Published journals and Articles.
- World Bank
- International Monetary fund (IMF)
- ILO etc.