Data analytics is the process that transforms raw business data into useful insights to drive organizational growth. The information could be in the form of performance metrics, customer segmentation, market trends as well as predictive models. The goal is to gather that data and turn it into information that will be useful for making informed decisions that are grounded in facts and not based on guesswork.
Having accurate and reliable data is essential to business success. However, creating that data is only half of the battle. It must be gathered and analyzed before being stored in a manner that allows it to be readily available whenever needed for making decisions.
Data collection
The first step in the life cycle of business data is data collection. It’s essential to have complete understanding of the data you require and how you’ll gather it at the start. This will save you time and money down the road. By using templates, you can make sure that data is gathered in a consistent manner by your team. This is crucial to analyze.
Analyzing Data
Once you have collected your data it is time to analyze them to discover insights and take action. The results of this process are likely to be shocking and be significant for your business. The information can be either qualitative or quantitative, based on the query.
It’s important to remember that data is only valuable when it’s reliable. Incomplete or incorrect data can lead to flawed conclusions, which could have grave consequences. This is why focusing on data quality is so crucial.