Want to analyse data to deliver key insights?
Data analysis is the third step of the data journey.
Transforming and modelling data is critical to discover useful information, inform conclusions, and support decision-making.
It plays a key role in helping businesses operate more effectively.
Data analysis should play a critical element in any important decision making process.
There a three core data analysis steps:
- Descriptive analysis can be used in presenting information for business, for example, allowing managers to monitor performance and report on progress,
- Predictive analysis focuses on the application of statistical models for forecasting future events,
- Prescriptive analysis seeks to find the best course of action given various scenarios.
The analysis required will depend on the type of business question being investigated.
Ready for the final step in the data journey? This way to Data Visualisation.