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Importance of Data Analysis

For better growth in your business, and to grow in your life, sometimes Analysis is all you need! If for some reason, your business is not growing, then you need to look back and acknowledge your mistakes and design a plan again without the repetition of those mistakes. And even if your business is growing, then you need to look for more ways to grow your business more. You only need to analyze your business data and business processes.

Types of Data Analysis

The various data analysis techniques existing in business and technology are:

1. Text Analysis

2. Statistical Analysis

3. Diagnostic Analysis

4. Predictive Analysis

5. Prescriptive Analysis

Text Analysis

Data mining is another name for Text Analysis. This method is used to discover a pattern in large data sets with the use of databases or data mining tools. It transforms raw data into business information. Business intelligence tools are used to take strategic business decisions. Overall, it provides a way to extract and examine data, and to derive patterns by finally interpreting the data

Statistical Analysis

It uses past data in the form of dashboards. The jobs covered by statistical analysis include collection, analysis, interpretation, presentation, and modeling of data. Its job is to analyze a set of data or a sample of data.

Diagnostic Analysis

Diagnostic Analysis finds the cause of the insight found in the Statistical analysis. The job of this Analysis is to identify behavior patterns of data. If any new problem arises in your business process, then you can check this analysis to find similar patterns of that problem

Predictive Analysis

Predictive analysis uses previous data and predicts what is likely to happen. So, this Analysis makes predictions about future outcomes based on current or past data available. Only estimation is made in Forecasting. Its accuracy is based on how much detailed information you have with you.

Prescriptive Analysis

Prescriptive Analysis joins the insight from all the previous analysis to clearly decide which action must be taken to tackle a current problem or decision. Predictive and descriptive Analysis is not enough for improving data performance. That’s why most data-driven companies utilize Prescriptive Analysis. They analyze the data and make decisions based on current situations and problems

The types of data analysing techniques are mentioned above and you can choose the service that best suits your business.

Thesis
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