Data analysis refers to the practice of examining and evaluating components of information using analytical logistics with the aim of applying the findings to support decision making. Data analysis services are offered by data analysts who customize their services depending on the type of business they are dealing with. Data analysis exists in two major forms; qualitative and quantitative depending on the type of information. Qualitative data analysis deals with data that is represented in a descriptive context whereas quantitative data involves numerical values. Data analysis is a process that starts with defining exactly what the analysis is all about in a business firm.
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Data analyst needs to understand the primary objective of the business and draw make conclusions that contribute to its achievement. The data analyst then identifies what it requires to achieve the objective set. The results of data analysis are highly influenced by the accuracy of data collection methods. Data interpretation is the most involving stage as it requires the data analyst to visualize raw data make conclusions. Data analyst should consider using questionnaires that would help him review data in case there was something missing. The data analyst is required to make informed conclusion and report to the business firm in a meaningful language. Data analyst should be involved by the business manager after the analysis to design changes and also in decision making on issues affecting the business.
Data analysis is important in all types of business it is a way of predicting the behavior of customers making it easy to learn market trends. Data analysis helps in budgeting as the analyst able to point where the business is spending resources unnecessarily which results to increased profitability. Proper interpretation of raw data gives excellent results such that a data analyst can easily tell the causes of problems affecting a business and provide a solution. A business is also able to assess the demand and the suitability of its products in different geographical regions through data analysis. Business managers are also able to oversee the performance of their employees and from this they can conduct empowerment training course when necessary.
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A business manager is required to work hand in hand with a reliable data analyst for the benefit of their business. Competent business managers have made data analysis a basic function for their businesses. Experienced data and committed analyst always gives a successful business in return.
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