Data Analysis is a process of collecting, cleaning, transforming and modeling data with the goal of discovering the required information.

Benefits of doing Data Analysis

  1. Increased revenues,
  2. Improved operational efficiency,
  3. Optimized marketing campaigns and customer service efforts,
  4. Respond more quickly to emerging market trends and
  5. Gain a competitive edge over rivals — and above all will lead to increase in business performance.

Types of Data Analysis

There are basically four types of data analytics

  • Descriptive Analysis:

This basically explains what has happened over a given period of time.

Are production expenses less this month than last?

Have the number of service views gone up?

  • Diagnostic Analysis: 

This mainly concentrates on identifying reason for something happened. This involves more diverse data inputs and a bit of hypothesizing.

Did the MIS get helpful to the Management?

Did that latest marketing campaign impact sales?

  • Predictive Analysis:

This mainly considers proactive analyzing on given set of target moves.  How many Sales Order we expect from our top customer in next quarter?

  • Prescriptive Analysis:

This is mainly in-depth analysis which suggests a course of action required on particular analysis done. If the no. of sales order from top customer are not as expected, can ask salesman reason for the same or try to get orders from other customers to meet overall sales target.