Data analysis is a topic that is very often talked about. Sometimes you might be, however, not aware of how valuable your data are. There might be several possible reasons for that. Some of them are unawareness of the issue or feeling of uselessness of conducting some analyses, other times unsystematic way of saving information, too complicated retrieval of the saved data or simply not enough experienced people. Last but not least insufficient software facility in companies.
Outcomes of data analysis can answer many questions and support strategic decisions in your company. If you foresee barriers in data analysis realization, whether some of those mentioned above or some other, try addressing professionals in the field. It is not always necessary to have the whole analysis done by outsourcing, it is often enough to make only some steps or at least to consult them.
Do you have data at your disposal?
There might be a bit complicated access to data in your company but you surely have valuable data at your disposal. Information hidden in your data can be with some analytical effort turned into a tool for increasing sales, improving communication with your clients etc.
Data can be obtained in several ways, most often from:
- Data warehouses, databases, datamarts;
- Questionnaire surveys, and surveys;
- Operational database, CRM, ERP, HR systems.
Any information about your customers or business partners is contributive. Interesting are for example information about what products and product categories they have purchased, how have they paid for it, have they asked for guarantee repair, what information they searched last time on the internet, which distribution channels have been used, what problems have the customer support solved, which social and demographic group do the customers belong to etc.
Process of data analysis
A correct data analysis is a systematic process of following steps:
- Asking a questions, for which you want to get an answer
- Obtaining of available data (not necessarily from the same source) and their completion
- Adjusting data in order to assure their quality and correctness
- Transformation of data so that they can be used for following statistical methods
- Analyses, where the data are transformed into tables and figures. It is so-called descriptive phase of the analysis which can give you first comprehensible results.
- Advanced statistical algorithms, such as classification trees and regressions. Advanced analyses sometimes turn into „data mining“, which has great importance in predictions.
Data analysis with Data Mind
If you decide to analyze your data in cooperation with us, we will be happy to consult our procedures with you, after that we will analyze the data either on our own or together with you. Finally, we will present the results in person and you will get:
- Tables and figures
- Final report
- Appealing PowerPoint presentation
In case of advanced analyses you will also get a set of recommendations how to use the suggested models in practise. Later, it is necessary to assess the effectiveness of the model and its up-to-dateness.