Data Analysis

The Data Analysis Process: For Batter Decision Making

In Today’s Time, information is the real Power, The person who has a big data or information probably they can make batter decisions. These data can help to do batter future prediction and decision making. Every company and organization try to gathering data and based on it, they do batter decision for their organization.

But, sometimes this big data will create a problem for batter decisions, that’s why the concept of DataAnalysis is occurring. First We need to know what is data analysis?

The Data Analysis is the process which helps us to filter out important data from big data so, we can make batter decision.

Let’s take an Example for batter understanding In Bank, They have 10 millions of records of their account holder, now the bank wants to know how many people are eligible for a personal loan, now the bank will Find out the name of the account holder who is earning more than a certain amount and the credit score is more than 750, so they can offer them the personal loan.

The Main Benefit of data Analysis is not only good decision making but it also helps to digitize their process.

For Improve Our Data Analysis Process and easily take a decision, we execute below five points for the data analysis process

1.Define your Requirement

Before we find an answer to a question, we must know what is the question? same things Apply in Data Analysis We must know that what is our requirements and what we want to know?

For example in Organization or multinational companies want to know what is their current product working in the market and how long it performs, or how we can improve it.

2.Set Goals and Priorities

After find out your problem, your second step is to Set your goals and priorities in this case you need to know at the end what the output or result you want, so we can Divide into two parts.

What we want

This is one of the basic questions that you must know in Data Analysis that what you want, you have to fix your goals before starting Analysis so you can make your purposes easily.

for example, in the Automobile company wants to know why the selling of their cars is lower than other Automobile companies and how they can increase their selling, In this case, the moto of the Organization is they want to improve their car selling.

How we can get

This is Second Thing in Golas and Priorities that how we can get the result, In the above Automobile Example, we saw that organization wants to increase their car selling In That case Organization need to collect all relative Data of their cars.

3.Gathering data

After finding out what we want and set goals and priorities we have to start collecting data regarding our issue but we make sure the Following things for collecting data.

  • We have to check out that the data is related to our issue or not.
  • We have cooperated with our team members so can not miss any important data or add the same data twice.
  • if you need any data from outside make sure add only data that is important.

4.Analyze Data

After collecting Data we have started observing data means you have only data regarding your issue now have deep observing and find out that what is the issue and how we can solve it.

Yes, itis not an easy task because you have a good amount of data and you can not manually check it out one by one, you have created a model or Excel shit for batter understanding you can also sorting and filter it out based on different condition and get some result.

5.Interpret Results

This is the Final Step of Data Analysis is interpreting your result.
At this point, we can check it out that the result or output we get is helpful or not.

One thing we should keep in mind that After all the processes we can not get the perfect result every time, it doesn’t matter how much data you collect some times it will not give proper results.

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