What is Data Analytics?
What is Data Analytics? How to become a Data Analyst freelancer. Data analytics is the process of cleaning, transforming, and modeling data to discover helpful information for business decision-making. The basic purpose of data analysis is to get the info after examining data sets and trends and making conclusions—specialized systems and software help in making data analytics.
Data analysis is used to analyze business achievements and mistakes. If your business is not achieving the target, will make a data analysis of your all business; where you will see the supply chain, consumption, employee salaries, etc. After reviewing, you will make fresh data and avoid the mistakes made in previous data.
Even if your business grows, you will have to revise your data analysis to grow more rapidly. Data analysis is the basis of a successful business.
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5 Types of Data Analysis
1. Statistical Analysis
Statistical data analysis is a kind of quantitative research to perform various statistical operations. It is used to prepare descriptive data like survey data and observational data.
2. Diagnostic Analysis
Diagnostic data analysis is the “Why” stage of data analysis. It tries to find out the correlation between the variables. It examines the reasons for the problems and achievements. The advanced form of data analysis is characterized by the techniques like data discovery, data mining, correlation, and drill-down.
3. Predictive Analysis
Predictive data analytics predicts a company’s future based on its previous performance. It includes the target of the future and achievements of the past. Predictive analysis is an advanced form of data collection based on the company’s history.
4. Perspective Analysis
The perspective analysis is a powerful tool for making decisions for the future. It considers all relevant actions and makes conclusions and recommendations for the future.
5. Descriptive Analysis
Descriptive data analysis is the simplest form of data analytics. It tells about the current and historical trends and relations but does not go into minute details.
5 Advantages of Data Analytics
1. Improve Decision Making
Data analytics improve the decision-making of the company owner when he knows the exact figures of the company. Data analysis helps him see all ups and downs over time, improving his decision-making power without pondering over the matter.
2. More Effective Marketing
Data analytics helps the company do more effective marketing with all facts and figures. The company owner and employees come to know the flaws and try to improve with effective marketing.
3. Better Customer Service
Data analysis also helps improve customer service as a company achieves better customer satisfaction. When a customer knows the improvement stages of a company, he shows more interest in buying the products.
4. More Efficient Operations
One of the best advantages of data analysis is improving the work’s efficiency. Data analytics helps find the flaws in no time, and the company solves them without wasting precious time. Hence more efficient operations take place after getting proper data analytics.
5. Enhance Security
Data analytics enhances the Security of the business plan. A company has accurate figures for its losses and gains improves without taking unnecessary risks. Data analysis provides basic Security to the company and helps achieve big targets.
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