What Is Data Analysis?

Author: b555f4a2

Data analysis can help businesses pinpoint and fix issues, find opportunities for improvement, and create more efficient strategies. From customer data to past marketing data it can assist companies improve their processes, avoid problems and predict what’s likely to come in the future.

It can also give a company first-hand insight into the strengths and weaknesses of its competitors by providing unique angles for marketing campaigns and highlighting the latest features or services offered by the company. Slack is a good example. It analyses feedback to determine which features of their software work well (or poorly) and uses that data to make improvements to future releases.

The four primary types of data analysis are descriptive, diagnostic predictive, and prescriptive. For each, the data must be gathered, cleaned, arranged, and then interpreted, before it can be utilized to answer business queries or make predictions. After the data has been examined and presented to others through charts and graphs to aid in understanding the data.

As the amount of available data grows, companies need a more efficient process to extract insights from it and then turn those insights into actions. Because of this, many companies are using third-party tools for data analysis like Databox and DashThis. These tools are available for a cost however, there are also open-source alternatives such as Grafana, Freeboard and Dashbuilder. Ultimately, the right tool for your needs depends on the way you intend to use it, but any solution will provide a clear explanation of how to interpret and present your data.