Businesses definitely don’t have a shortage of data these days, and taking useful information from it through data analysis is a proven method for making fact-based decisions that lead to productivity.
Big companies have dedicated personnel doing data analysis on a full time basis. For smaller businesses, that type of dedication to a single task would be a complete luxury, which is why the person handling data analysis is often doing multiple other tasks throughout the day.
Regardless of the number of people working on data analytics and the amount of time they spend on this task, the process will almost always include the following:
- Gather information and make an initial evaluation of it.
- Evaluate the methods used to gather data and ensure that the data is complete.
- Ensure all data within specific files can be completely understood.
- Format the information into various fields, which makes it easier to analyze.
- Summarize the facts and determine what the data has told you about your workflow, processes, etc.
The way you tackle your analytics might differ from other organizations, but utilizing the right tools can make the entire process easier.
Top Reasons for Using Data Analysis
Every business has internal processes going at all times, but without visibility, these processes can go stagnant. Data analysis provides that visibility. You might find, as others have, that there are ways you could make your customers happier and more loyal, which will prompt them to do business with you more often.
Maximizing efficiency is another of the most talked about perks of utilizing data analysis. By using automation management solutions, you can begin to see patterns that will help you create algorithms that can lead the way to more effective methods of carrying out daily operations.
Finally, data analysis is useful in better understanding your target audience. The more closely you can analyze their preferences, the more you’ll understand their behaviors and how you can position yourself to interact with them in a more impactful way.
There are four main data analysis types being used today: descriptive, diagnostic, predictive, and prescriptive. Descriptive analysis looks mostly at data that shows what has happened in the past. Diagnostic analysis is a process you would use when trying to figure out why something happened. Predictive analysis is used to give you a heads up for what could possibly happen in the future. Prescriptive analysis is a combination of methods that helps an organization respond to specific issues, leading to better decision-making.At Cory Communications, we can assist clients in finding the right tools that make data analysis more of a productive process. We also work with businesses to address their telecommunications needs and have a deep knowledge of all the latest technology available today. We know your business is unique and has specific needs. Contact us, and let’s talk about how we can help you.