What is data analysis?
According to statistics, more than 80% of business people working in the financial, manufacturing or service sector note that data analysis is one of the priorities of any company. This is due primarily to the fact that data become one of the factors of business development and as a result of increased profits.
- In fact, data analysis is an action aimed at collecting and studying data about an object or phenomenon, as well as making a decision based on analysis for further effective interaction with an object or phenomenon.
- Moreover, every person at least once in his life carried out data analysis and made any independent decisions based on the results of this analysis.
What is the data analysis done for?
Over the past 15-20 years, the amount of data has grown significantly and continues to grow every day. In connection with the development of information technology and various social networks, now many companies and corporations have the ability to conduct data analysis for any number of potential customers. In addition, data analysis can be used not only in business, but also in other areas of activity, for example, in scientific, educational and any other.
The tasks that face the data analysis depend on the field of activity in which it is applied. But in a broad sense, data analysis is used to develop an effective strategy for further action in order to obtain benefits, profits, success in scientific experimentation, and so on.
Data analysis process
In order to conduct a qualitative data analysis, this process can be divided into several stages:
- The first thing you need to do is to decide on the questions that you want to solve by analyzing the data (goals and objectives)
- The second thing to do is to decide what and how you will measure (time frames, factors, units of measure)
- Then you can start collecting data
- Then you can start analyzing the data
- And the last stage is the interpretation of the results of the analysis and decision-making on their basis
Key data analysis capabilities
Companies of all sizes and lines of business are already turning the analysis of data into real value in many ways. All sectors are covered: social networks, Internet companies, food and beverage companies, fast food chains, banks, industrialists, hotels, and many others. Scientific research reveals methods of productivity growth through decision-making, based on data. Business specialists have every opportunity to wrap analysis of data into commercial ideas and benefits.
In addition, data analysis can significantly increase the productivity of employees of the company by visualizing the data and the results of their analysis. The results are provided in understandable and easy-to-use reports.
Further, thanks to the data analysis, you can get answers to any question posed, related to the expansion of the business, increasing the flow of customers, and so on.