Data analysis is the process of extraction of data, transforming it to discover the meaningful information and enable data driven decision making. The organising of data is important in business, to explore data in the right ways and understand the business challenges and issues. Data analysis helps in organising, interpreting and structuring the data in order to identify the patterns which would reveal the necessary information to support management decisions & future actions. Data analysis provides the context to the many questions an organization may have when looking at all the data they’ve collected.
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Solving Challenges withing the organisation
Uncovering the challenges which the organisation never knew they had, is what data analysis is all about. The outcome of data analysis helps solve real world problems by detecting the malfunctions in the system or show the areas that requires improvements. Data analysis can help the businesses in avoiding instances of losses in business by informing the management in a timely manner via the business intelligence tools and data science models.
Optimization of costs
Automating the daily manual repeating processes are one of the integral ways of optimization of costs. The data analysis of patterns and trends can reveal the areas of over investments in businesses. The automated reports generated everyday will give a clear picture of the value-added activities across the businesses.
Better target audience
The trends and patterns derived from data analysis can speak volumes on the performance of the business’s products or services. Data enables you to understand your customers’ needs and what scale of advertising you need to run on which demographics. The data enables you to make an informed decision on your budget spend and lowers the cost or take cost effective measures in marketing activities.
Innovation factor
The study of consumer behaviour with the help of sentimental analysis helps understand the customer happiness index with respect to your products or services. This can help innovating your products to a next level which can be an advantage in the competitive market. Sometimes, using predictive modelling form of data analysis helps reap benefits, as it enables you to make futuristic interventions.
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