What happens to business data after it gets saved everyday? Data stored in repositories with no action taken on it is a huge opportunity lost for a business.
Nowadays all businesses know the importance of data and store a lot of it everyday. The application of data happens when you process it and make right use of it. With effectively analyzed data, you discover new product opportunities, marketing segments, industry verticals, and can do so much more. It can be very resourceful when you know how exactly the data should be analyzed and used. In this article, we have explained the process of data analysis in order for you to understand how to make sense out of your data repositories and make informed business decisions.
Let’s see the step-by-step process of data analysis to understand why it’s so important and how it is done.
Data intent and segregation
Before anything, you need to define why exactly you need this data for. On the basis of your data analysis goals and objectives, you may need to segregate data before processing it.
On the basis of need analysis and how deep your analysis is, you’d need to collect data. Data collection generally starts with internal sources (structured data) followed by external sources (unstructured data). Some companies choose to avoid external or unstructured data collection. While it’s not necessary, it can be really useful for adding another edge to your existing data inferences. We highly suggest gathering data from. Both the sources for a better and accurate output.
Once the data is collected, the next task is to clean, sort and organize it. Data cleaning and sorting is very necessary since all the data you collect is not useful. The team of data analysis experts must identify and check duplicate data, anomalous data, and other inconsistencies that could reduce data accuracy and application. Then, this sorted data should be analyzed and manipulated keeping in mind the primary objective of the data analysis process.
Companies of every size are generating and gathering data to analyze data and make better business decisions. However, the usability of this gathered data only comes into picture if we analyze data effectively. In order to get the most out of your data, contact Princeton IT Services.