The rapid pace of technology is constantly changing how modern businesses operate. This means that data has become more valuable than ever. With the advancements in data analysis, possessing the skills and knowledge required to analyze and visualize said data in the office is of the utmost importance. Data analysis is technically an internal arrangement function completed by data analysts through the presentation of numbers and figures to managers. The goal of data analysis is to present findings in a way that is as simple as possible in an easily interpretable format to help assist with decisions in the company.

This process may seem like a very involved extra step overall, but it actually helps businesses increase their overall profitability thanks to the visibility into customer trends and augmented behavior prediction. After a data analysis method is adopted into everyday business workings, companies are able to use technical insights for decision-making in an easily understood language, determine the causes of events based on data results, and even better understand business objectives.

There are many reasons why adopting a data analysis method within a business is a necessary thing, including:

  • Problem Solving – The goal of a data analyst is to assist an organization to make the most informed decisions possible so that they avoid any kind of loss. Data can be used to detect business malfunctions, show problems with quality or quantity of production, and also analyze any other issues that may arise with data to back up all decisions.
  • Lowered Operation Costs – A good data analysis system not only helps companies keep things running smoothly but also at the lowest cost possible. This is accomplished by using data to determine the business sectors that may be running less effectively or unnecessarily while also highlighting areas that may need more financing. The data can also be used to predict other areas in which to save or spend money, such as advertising channels, target demographics, and products or services that will do well in the market. This prevents a loss due to spending on unproductive methods or activity.
  • Improved Targeting – Arguably one of the most beneficial aspects of data analysis, analysts are able to check a company’s performance in the market and determine the best areas for focus and which customers to target. The data can also help identify trends, consumer spending habits, and overall preferences.

Without proper data analysis in your organization, it’s safe to say that you are not making the most informed decisions possible, running things as cost-effectively as possible, nor targeting your exact demographics.

Are you ready to learn more about data analysis and visualization? Join Logical Operations’ own Jedi Jon and Bob Carver, author of “Data Analysis and Visualizations with Excel,” on February 24-25 for a virtual 2-day training event for Excel users. Register here to receive this $750 value for only $99!

Source: https://logicaloperations.com/insights/blog/2020/02/11/815/what-is-data-analysis-and-why-does-it-matter/