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Data Analysis: Identify Trends and Boost Organizational Growth

Data Analysis: Identify Trends and Boost Organizational Growth

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    Data analysis is a core factor of business development worldwide. It helps users conduct research on their data, monitor their metrics, and gain a deeper understanding of their business to make better decisions. With Bold BI, you can perform data analysis in various departments, such as marketing, to help you gain knowledge about what trends are leading to market growth and what is required to keep up with customer expectations. This blog will walk you through the importance of data analysis and key analytics techniques that can help you boost your analytical research.

    Agenda:

    What is data analysis?

    Data analysis is the process of cleaning, organizing, and processing prepared data sets and then modelling them in charts, tables, and images to help organizations extract insights quickly and make informed decisions.

    Why data analysis is important

    Doing thorough research on your company’s data can help you unleash deeper insights for crucial areas in your business. Data analysis is important for:

    Better insights into your sales data

    With a data analysis tool, you can analyze your sales data to uncover trends in your consumer buying behavior. You can gain insight into which products they are buying and why. This makes it easier for you to determine where to concentrate development of your products, what products need better promotion, and to what demographics you should be marketing.

    Cost-effectiveness

    Data analysis enhances cost-effectiveness in your organization by giving you a deeper understanding of the total amount of money you are using to acquire new customers in your company. It allows you to compare those costs with the likely profit the whole future relationship with a customer will contribute to know whether your efforts are efficient or not. You can identify methods of customer acquisition where your business money is best spent and areas it is being wasted. Thus, you can make informed decisions going forward.

    More strategic planning

    Data analysis gives you an overview of your company’s strengths and weaknesses. It points to major factors leading to poor performance in your organization and so that you can make changes to achieve better results. With historic and forecasted data trends at your fingertips, your teams can formulate strategies that will help boost the overall performance of your company.

    The process of data analysis

    Let’s look at the process, methods, and techniques of data analysis that can help your organization gain important insight into your business:

    Purpose of data analysis

    First, identify why the data analysis is needed. What questions do you need answered and what data contains those answers? As with most things, having a plan is the first requirement in order to stay on track.

    Data collection

    Once you have identified the data you need, you should identify where it resides. Gather and organize the data by connecting your analysis tools to your data sources.

    Data cleaning

    The organized data might be in an unstructured form, which may not be helpful. Therefore, in this stage you review your data to remove any incorrect information, add relevant data, and then convert it as per your requirements.

    Data analysis

    Data analysis is when you use BI software to apply analysis techniques to your cleaned data, depending on the answers you are seeking. There are several kinds of analysis, which I will describe in full in the next section.

    Data visualization

    In data visualization, you graphically present your data findings in a way that can be read by people with a variety of backgrounds to provide deep understanding. This is often in the form of charts, maps, and cards. In this manner, users can easily extract useful insights that can help during problem-solving.

    Types of data analysis

    The most common types of data analysis are:

    Descriptive analysis

    Descriptive analysis comes before the other types, as it’s the most simplistic. It describes the data and answers basic questions like when, how often, and how much, summarizing information. This sort of analysis lends itself nicely to data visualizations.

    Diagnostic analysis

    Diagnostic analysis is a type of data analysis that helps you dig into the causes of issues and why the data is what it is. It is concerned with correlation, the relationships between cause and effect. This looks at historical data helps companies pin down what decisions had positive outcomes and which did not.

    Predictive analytics

    As it sounds, predictive analytics lets you use the trends in your historic data and the market to predict the likelihood of what will take place in the future. Also called forecasting, this kind of analytics uses modeling and machine learning to project likely results. You will be better able to decide on precautions and actions to take for optimal outcomes.

    Prescriptive analytics

    This type of data analytics enables you to understand the best decision to make in a given situation. Rarer and requiring more skill, prescriptive analytics uses the historic and current data trends from your descriptive analytics and applies predictive analytics into them in a multitude of scenarios until the best course of action is found. This kind of analytics answers “what if” questions.

    Tips for data analysis

    There are actions you can take to improve the insight you glean from your data analysis. They will help you gain a deeper understanding of your company’s performance. We recommend that you:

    Choose the KPIs to track carefully: Setting and tracking the right KPIs is imperative to get the most out of your data. Have your departments set aside specific time to consider the metrics available to them and discuss which would be beneficial to track and why. Make room and time for revision as teams begin to use their metrics to make decisions.

    Data democratization: Data democratization enables you to collect relevant metrics and make them visible to everyone to allow multiple departments to extract useful insight. Giving all employees access to general data about the company keeps them in the loop and engaged in boosting its success.

    Collaborate: Data analysis supports collaboration and teamwork. Results are often presented in the form of dashboards or reports in meetings, where employees can share their ideas and thoughts concerning their company’s needs and come up with the best solutions together. Collaboration within and among teams when it comes to sharing analysis results, reports, and insight will coordinate efforts to improve the company as a whole.

    Work with good software: Bold BI is a tool that helps you process your data from hundreds of data sources and then visualize it through a wide range of widgets.

    Let’s look at some of the key features of Bold BI that convert raw data into valuable information to help organizations make informed business decisions.

    How Bold BI helps to do data analysis

    Bold BI is a powerful tool for creating and sharing interactive analytical dashboards. It helps you perform data analysis easily by converting a vast volume of complex and unstructured data into simple and user-friendly dashboards or reports that can be analyzed quickly so businesses can make accurate, data-based decisions.

    Data preparation

    Bold BI allows you to combine and transform data from over 150 data sources and use your preferred data warehouse. It lets you perform actions like joins and filtering, as well as add calculated fields at the data source level and preview your data in the visual editor. Included access to the Syncfusion Data Integration platform allows you to perform advanced data preparation.

    Predictive analytics

    Bold BI offers integrated time-series support that helps you recognize seasonal changes and forecast trends. You can display results from predictive models produced using other machine-learning environments as well as use built-in methods for forecasting.

    Data connectivity

    For any analytics deployment to be successful, you should be able to connect to all kinds of business data. Bold BI was designed with the latest best practices and makes it easy to access data from SQL and NoSQL databases, data warehouses, REST API services, and big data systems such as Hadoop and Spark. A complete and accurate story requires a complete and accurate basis.

    Data visualization

    The Bold BI platform allows for the combination of interactive widgets in an intuitive fashion. Bold BI has a powerful customization system that allows for the creation of a visual interface offering a tailormade user experience. You can customize every aspect to cater for the specific skill level of users that you are targeting. Use charts, graphs, maps, cards, gauges, images, and templates specific to data sources.

    Data security

    With Bold BI, your data is always under your control. You can keep the entire product and all its data within your private data center or your public cloud account with absolutely no access provided to anyone except you. Row-level security allows you to maintain a single dashboard for all users while limiting access to the data within it.

    Using Bold BI can also help you to embed an analytics solution easily into your daily application with many interactive features such as automated provisioning for tenants, user and group permissions, and single sign-on with Office 365, OAuth 2.0, and OpenID integration. You can deploy on Windows, Docker, Linux, Kubernetes, and Azure App Service.

    You can also collaborate with your colleagues on data analytics within your website or portal. Bold BI’s embedding capabilities include iframe embedding and JavaScript embedding. It enables complete utilization without any expertise or technical requirements.

    To learn more about Bold BI and its features, please visit our website.

    Conclusion

    We hope this article helped you understand what data analysis is and how you can make smarter decisions using insights gained from your data.

    Get started with Bold BI by signing up for a free 15-day trial to create more interactive business intelligence dashboards. You can contact us by submitting your questions through the Bold BI website or, if you already have an account, you can log in to submit your support question.

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