Data analytics is the process of turning raw business data into insights that will help drive organizational growth. The information could come in the form or performance metrics or market trends, as well as segments of customers, or predictive models. The aim is for this information to be transformed into information that can be used to make informed decisions that are based on facts, not guesswork.
For a successful business it is essential to have accurate and reliable data. But generating the data is only one aspect of the battle. It has to be collected and analyzed, then stored in a way that it is easily accessible for decision-making.
Data collection
The first step in the life cycle of business data is data collection. It’s important to know the data you require and how to gather it from the beginning. This will save time and money in the future. By using templates, you can ensure that data is collected in a consistent manner by your team. This is crucial for analysis.
Analyzing Data
Once you’ve collected the data, you’re now ready to analyse it to determine its insights and actionability. The outcomes of this process will often be awe-inspiring and could have significant impacts on your business. The data may be quantitative or qualitative, depending on the query.
It’s important to remember that the value of data will not be realized if it’s not reliable. Incomplete or inaccurate data can result in flawed conclusions, which could have serious consequences. This is why focusing on the quality of data is so important.
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