For most of the businesses today, lack of data is not a problem. In fact, it is exactly the opposite- there is too much data available to come up with a clear decision. With so much data to sort through, you need something more. You need data analytics.
With data analytics process and tools, what was once an overwhelming volume of disparate information, is now a simple and clear decision point. To improve your data analysis skills, opt for analytics courses online and become a data professional. Here are some steps on how to undertake your data analysis process:
- Define your Question
It is very important to start your process with a clearly defined problem that you want to address. The question should be measurable, clear and provide value to the end user. For instance, you want to identify whether the business has improved sales due to a recent ad campaign.
- Decide what to Measure
Now that you have stated your question, consider what kind of data you would require to come up with a solution. Using the same example as above, you would need to know how much sales were undertaken after the campaign to see if it was successful. Also, it would lead to other insights like to explore how may leads were actually generated during the campaign and more.
- Collect the Data
It’s time to collect your data now. Assimilate information from existing databases and other sources on hand. Organize the collected data in a log with dates and source notes as you go. Save the information appropriately. This will save time and avoid any duplication.
- Analyze Data
After you have collected the relevant data to answer your question, you are good to conduct a deeper analysis. Manipulate the data and plot it out in a number of different ways to find various correlations. Take help of basic Excel pivot tables or advanced data analysis tools or software.
As you manipulate the data, you may have to revisit the previous steps to refine your results better and tweak it. So, don’t hesitate to do so. This will only help you achieve a focus on your data analysis.
- Interpret the Results
After analyzing the data and possibly conducting further research, ask yourself these questions:
- Does the data provide a solution to your questions?
- Does it help you to refute any objections?
- Are there any limitations or other angles that you have not yet considered?
Congratulations! You are likely to have come up with a productive conclusion that will lead you to decide the best course of action.
Want to draw the most accurate conclusions from your data? Enroll in analytics courses and discover how the right data analysis drives the success of your organization.