The Basics of Data Analysis

Data analysis is the process of transforming raw information into insights to aid your business decisions and operations. It begins with identifying the problem you want to solve, gathering the related data, and analysing it using a variety of methods of analysis to discover the underlying patterns or connections. The result is usually an increase in profit or efficiency.

You must first identify your goal. This goal could be as simple or as complex like predicting churn among customers. Then, you’ll need to decide what type of analysis you will use to get you there. Diagnostic data analysis focuses on known relationships between data points to explain observations, whereas predictive modeling utilizes past results to predict the future.

The next step is to gather data. This may require collecting data from sources like CRM software, internal reports, and archives. Importing data from external sources may be required, which involves dealing with data in a variety of formats from different sources. Once you have the data, you can begin to prepare it for analysis by cleaning and organizing it, changing it if necessary and analyzing it using various statistical methods.

After the data has been analyzed, you must write a report that summarizes the findings and presents the findings in a simple format for your readers. Based on the level of expertise among your readers, this could require writing for non-experts or working with an expert to translate technical terms and processes into readable content.

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