Accurate data can turn a struggling business into a profitable one. If you can find the truth about your product, you can make insightful decisions. The data analysis process occurs in five steps:
Define the Question
You’ll focus on a relevant business process and how well it’s achieving your goals. This isn’t always as intuitive as you might think. Ask the wrong questions, and you’ll receive unhelpful answers.
Collect Information
You can gather data directly through your customers or source it from another party. Alternatively, you can buy it from another enterprise. Consolidating all three sources will usually give you more comprehensive results, so a data analysis company such as //shepper.com/ might draw information from multiple sources.
Clean Your Data
Data doesn’t always arrive in a useful state. It must be scrubbed for errors and duplicate values. Once that’s achieved, you’ll need to structure it and remove irrelevant information.
Assess Your Information
Now that your data is clean, you can start finding patterns. Descriptive analysis will assess the past. Diagnostic analysis will assess a problem’s root cause. Predictive analysis will turn historical data into a forecast.
Interpret the Results
It’s finally time to present the data you’ve processed and decide which adjustments you need to make. This part of the journey will highlight missing information and poor data quality.
Data analysis is one of the most powerful tools at a business’ disposal, and it’s more accessible than ever before. A small investment can have a dramatic impact on your bottom line.
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