Businesses today also use data analytics to […] make better strategies to enhance their sales.
Companies, in our age of technological advancements, are now starting to fully embrace the use of data analytics in innovating their business. While it is not about going with what’s on trend, data analytics offers great opportunities for business’s growth and development.
Data analysis helps your business discover new opportunities by gaining insights about the large quantities of information you’ve gathered. More importantly, it helps you make better decisions for your business.
Data analytics allows you to overlook different areas of your business. Whether it is an insufficiency in your staff’s performance, customer service related issues, or daily operations concern, analytics can help you determine these weak points to improve your growth and profitability.
What is data analytics?
In simple terms, data analytics is the science of analyzing information and coming up with conclusions. These information pertains to raw data that is then analyzed using algorithms and mechanical processes.
More so, data analytics generally includes the tools and techniques needed to interpret specific raw data. These analytics tools can either be qualitative such as surveys, or quantitative using statistical or software tools. There are also different techniques you can use to process all gathered data such as text analytics, data mining, business intelligence, and data visualization.
Businesses today also use data analytics to understand their customer behaviour, predict new trends in the industry, improve their efficiency and make better strategies to enhance their sales.
How data analytics works
The data analytics process works through several steps before it is handed over to a data analyst:
- Data analytics starts by classifying what your data requirements are and how your required information will be collected. Your data collected data can be divided into groups such as age, demographics, gender, etc. Your data values can also be divided in numerics or by categories.
- The next step is the process of data research and gathering. You can collect your data from different sources like the internet, computers, cameras, through different personnel, or environmental sources.
- The third step is organizing all gathered data. This can be done by using spreadsheets or by using softwares that records statistical data. Your raw data must be organized in preparation for analysis.
- The final step on data analytics is ensuring that all information is free from errors, incomplete data and duplications. This must be done before all your raw data is passed on to a data analyst to be interpreted.
