All businesses gather data as part of their operations, to the point where many struggle with the volume and variety of data being gathered and stored on a daily basis. So how can this data be analysed to provide
business benefits? Let’s take a look at what beginners need to know about data analysis.
What is data analysis?
Data analysis is a complex and highly structured method of gathering data, cleansing it, analysing it, modelling it for conclusions and then using the resulting information to make decisions. It’s a process that uses various methods and techniques to take data of different types from various sources, and then transform it into something that helps businesses predict trends, make strong decisions and improve the efficiency of their operations. It’s also the underpinning source of business strategy and validates business plans by providing a robust and valid evidence basis for different courses of action.
Who does data analysis?
Often, businesses outsource their data analysis to a data analysis company such as https://shepper.com/. These specialist firms offer the expertise needed to create and embed robust data processes to identify, manage, analyse and interpret huge volumes of data and to derive value from these data sources.
Why is data analysis important?
In today’s digital world, data is often a means of gaining a competitive advantage. Businesses that can extract value from data in this way can often make better-quality decisions and do so faster and with more efficiency than businesses that aren’t investing in data analysis in the same way. This kind of approach can also help businesses to develop a big data strategy to max out their gains
In short, data analysis is embedded into the heart of modern businesses and their operations and it can be used to derive significant competitive advantage in an increasingly fast-paced, data-driven and competitive digital world. Although it requires a lot of investment and resourcing from a business’s perspective, a strong data analysis strategy can deliver measurable value and help businesses to serve customers better, run more efficient and compliant operations and achieve superior results overall.
