Need for Data Analysis

Data Analysis Process

Data Analysis is developed by the statistician John Tukey in the 1970s. It is a procedure for analyzing data, methods for interpreting the results of such systems, and modes of planning the group of data to make its analysis easier, more accurate, or more factual....

Need for Data Analysis

Data analytics is significant for business optimization performance. An organization can also use data analytics to make better business decisions and support analyzing customer trends and fulfillment, which can lead to unknown and better products and services. Executing it into the business model indicates businesses can help reduce costs by recognizing more efficient modes of doing business....

Tools Used in Data Analysis

Microsoft Excel Python R Jupyter Notebook Apache Spark SAS Microsoft Power BI Tableau KNIME...

Applications of Data Analysis

Better decision-making: The Key advantage of data analysis is better decision-making in the long term. Rather than depending only on knowledge, businesses are increasingly looking at data before deciding.  Identification of potential risks: Companies in today’s world succeed in high-risk conditions, but those environments require critical risk management processes, and extensive data has contributed to developing new risk management solutions. Data can enhance the effectiveness of actual simulations to predict future risks and create better planning. Increase the efficiency of work: Data analysis allows you to analyze a large set of data and present it in a structured way to help reach your organization’s objectives. Possibilities and progress within the organization are reflected, and activities can increase work efficiency and productivity. It enables a culture of efficiency and collaboration by allowing managers to share detailed data with employees. Delivering relevant products: Products are the oil for every organization, and often the most important asset of organizations. The role of the product management team is to determine trends that drive strategic creation, and activity plans for unique functions and services. Track customer behavioral changes: Consumers have a lot to choose from in products available in the markets. Organizations have to pay attention to consumer demands and expectations, So to analyze the behavior of the customer data analysis is very important....

FAQs on Data Analysis

Q.1 What are the four types of Data Analysis?...