Data analytics is the process of transforming raw business data into information that will help drive organizational growth. The data could be in the form of performance metrics, market trends, segmentation of customers and predictive models. The goal is to gather the data and convert it into information that will be useful for making informed decisions based on facts, rather than guesses.
The accuracy and reliability of data is essential to achieving business success. However, the process of generating that data is only half of the battle. It must also be collected, analyzed and stored in a way that allows it to be easily accessible in the event of a need for making decisions.
Data collection
Data collection is the initial step in the data collection cycle. It’s essential to have a clear understanding of what data you require and the method you’ll use to collect it at the start. This will save you time and money down the road. By using templates, you can ensure that data is collected consistently by your team. This is crucial to analyze.
Analyzing Data
Once you have collected your data it is time to review them for insights and actionability. The outcomes of this process will often be surprising and have a major impact on your company. Depending on the question being asked, the results can be quantitative or qualitative in the sense that it is.
It is important to keep in mind that the value of data won’t be realized if it isn’t reliable. Incorrect or incomplete data could result in flawed conclusions, that could have a serious impact. This is the reason that making sure that the quality of data is essential.