Data Management is the heart of statistical analysis. It involves collecting, storing, organizing and analyzing the data created and managed by a company. The way a company handles its data is crucial since data helps companies make more informed decisions, improve product development and marketing, optimize business operations and reduce costs. Data Analysts usually make the statistical analysis used in making strategic decisions for the improvement of business operations. However, the exact role of a data analyst differs from company to company.
With more emphasis placed on data analysis in the past years, data analysts and researchers’ demand has grown substantially. Most employers are having a hard time finding the perfect candidate. The purpose of this article is to help you find the ideal match for your company.
What is Data Analysis?
Just as we do in our daily lives, companies use all available data before making even the most basic decisions. Data Analysis is using data to make business decisions strategically. According to Wikipedia, “Data analysis is a process of inspection, cleansing, transforming and modelling data to discover useful information, informing conclusions and supporting decision-making.”
Why is Data Analysis important?
It is so important because it helps companies make big decisions. It allows companies to see where they excel so they can continue doing it. On the other hand, it helps them know what is going wrong so they can strategically modify the problem.
What are the types of Data Analysis?
- The diagnostic analysis examines data and tries to locate the root cause of the problem.
- The predictive analysis predicts future outcomes based on prevalent data.
- The prescriptive analysis combines all the data and recommends what actions should be taken.
- Statistical analysis analyzes data to make statistical calculations such as the mean, frequency, deviation, and percentage.