Data analytics is the process of transforming raw business data into information that will help drive organizational growth. The information could be in the form of performance metrics customers segmentation market trends predictive models, and many more. The objective is to take the data and convert it into information that will help you make informed decisions that are grounded in facts, rather than guesses.
Accurate and reliable data is vital to business success. However, generating the data is only one aspect of the battle. It must also be collected, analyzed and stored in a manner that will allow it to be easily accessible whenever needed for decision-making.
Collecting Data
The first step in the cycle of business data is the collection of data. It is crucial to determine what information you need and how to collect it right from the start. This will help you save time and money later. By using templates, you can be sure that data is collected in a consistent manner by your team. This is important to analyze.
Analyzing Data
Once you have collected your data, it’s time to review them to discover insights and take action. This process can yield surprising results that could have a significant impact on your business. Based on the question asked, the results can be quantitative or qualitative in nature.
It’s essential to keep in mind that data is only valuable only if it’s reliable. Inaccurate or incorrect data will result in flawed conclusions and have serious consequences. This is why focusing on data quality is so important.
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