Data analytics is the process of transforming raw business data into information that will help boost the growth of an organization. The data can be in the form of performance metrics, customer segmentation market trends, predictive models and more. The goal is to take the data and convert it into information that can help you make informed decisions based on facts, not what info does facebook collect guesses.
The accuracy and reliability of data is essential to achieving business success. However, creating the data is just one part of the battle. It must be collected and analyzed in a way so that it is readily available for decision-making.
Data collection
Data collection is the very first step in the data collection cycle. It’s important to have a thorough understanding of what data points you require and how you’ll gather it from the beginning. This will help you save time and money in the future. Utilizing templates will ensure that your team is collecting data in a consistent way that is essential for analysis in the future.
Analyzing Data
Once you’ve collected your data, you’re now ready to look at it for insights and actionability. The results of this analysis will usually be surprising, and can have a significant impact on your business. The information can be either quantitative or qualitative, depending on the inquiry.
It is important to keep in mind that the value of data cannot be realized if it isn’t reliable. Incomplete or inaccurate data could lead to flawed conclusions, which can have serious implications. This is why focusing on data quality is so crucial.
