What Is Data Analysis?
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Data analysis is a process that transforms raw data into meaningful insights that can guide decision-making. It is utilized in different industries to improve their operations to identify problems and make better decisions based on data. Data analytics is an effective tool that can help businesses gain a competitive edge, boost customer engagement and boost sales.
To make a successful application of data analysis, you need to establish clear goals for what you would like to achieve and create a data investigation strategy that can help you determine the type of data you need. These goals should be SMART, (specific that is measurable, realistic and that are time-bound and relevant) to ensure that they are in line with the overall business goals.
Descriptive data analysis answers the question “what has happened?” by summarizing previous performance and providing insight into your benchmarks. This is the most common type of data analysis, and can be seen in many KPI dashboards and sales reports. Diagnostic data analysis gleans these insights and pinpoints the reasons behind the results providing more depth to your understanding of how things function.
Predictive data analytics aims to anticipate future events making use of your existing data to determine the likelihood of certain outcomes happening. This type of data analytics can be used to predict the behaviour of your customers and develop more effective marketing campaigns.
Data analysis requires a specialized set of skills, including critical thinking, problem-solving, and communication. It is also crucial to have the most efficient tools for data analytics to transform raw data into actionable intelligence. These tools should include many features including enhanced analytics that improves human intuition by providing suggestions for insights and analyses, data exploration and visualization, automation, search & natural language interaction, and advanced analytics calculation.