Data analytics is the systematic computational analysis of data or statistics to identify meaningful patterns and apply these patterns to effective decision-making. This is a field that has many applications, such as in retail and healthcare.
The first step to conduct any kind of analysis is determining what questions you’d like to address and what type of data you’ll require to get the answers. Once you’ve established what your goal is, you can begin gathering structured and unstructured data from various sources such as survey tools, tracking tools for companies as well as email marketing software or whatever other method you decide to use.
After you’ve collected all of the data, you can start conducting diagnostic and descriptive analyses. Diagnostic analysis focuses on the “why” while descriptive analytics concentrate on the “what.” It uses data drill and hypothesis testing to determine the connection between variables and to make predictions. It also uses regression models, such as multivariate or linear regression to determine the reason of certain outcomes (like the number of a film star’s followers of Instagram followers and the amount her last five films made).
Data analytics is a powerful tool regardless of the industry that you work in. It lets you simplify workflows and save resources. It also allows you to examine and identify trends in the behavior of customers, which helps shape marketing strategies in precise ways. All the data and numbers around won’t be of any help if you aren’t able to communicate your findings. That’s why writing a data analysis report is so important. It’s about communicating your findings to your clients or employers.
