The Basics of Data Analysis
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Data analysis is a series of steps that take the raw data and transform it into insights that guide your business operations and decision-making. It starts with identifying the issue you are trying to solve, collecting all the relevant data and then analyzing it with various statistical techniques to find patterns or relationships. In most cases, the result is an increase in efficiency or profitability.
To begin the process, establish a goal. This goal could be as simple or as complex such as predicting churn of customers. Then, you have to decide what type of data analysis can get you to that goal. Diagnostic data analysis aims to determine the relationships between data points in order to explain observations. Predictive modeling however, uses past results to predict outcomes.
The next step is obtaining the data, which can involve obtaining it from internal sources, such as CRM software or internal archives and reports. It could also require importing external data, which involves working with data from multiple sources in various formats. Once you have the data, you can begin preparing it for analysis by cleaning and organizing it, transforming it as needed, and analyzing it using diverse statistical techniques.
After the data has been analysed, write a report to present the findings in a way that’s simple to comprehend for your readers. This could require you to write for lay people, or collaborate with a statistician to translate technical terms and procedures into usable information.
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