August 6, 2020
For most businesses and government agencies, lack of data isn’t a problem. In fact, it’s the opposite: there’s often too much information available to make a clear decision.
Let’s start our journey…
Business data analysis is the process of collecting, transforming, cleaning, and modeling data using analytical and logical reasoning to examine each component of the provided data.
Data from various sources is gathered, reviewed, and then analyzed to form some sort of finding or conclusion, and the results so obtained are communicated, suggesting conclusions, and supporting decision-making.
In short, you need better data analysis. With the right data analysis process and tools, what was once an overwhelming volume of disparate information becomes a simple, clear decision point.
To improve your data analysis skills and simplify your decisions, follow these five steps in your data analysis process and subscribe for your data analysis live course
You must begin your business data analysis, with the right question and design it to either qualify or disqualify potential solutions to your specific problem or opportunity, which again like mentioned before should be measurable, clear and concise
For example, start with a clearly defined problem: If you are experiencing rising costs and is no longer able to submit competitive contract proposals. One of the many questions to solve this business problem might include: Can the company reduce its staff without compromising quality?
This analytical step breaks down into two sub-steps:
Using the previous example, consider what kind of data you’d need to answer your question. In this case, you’d need to know the number and cost of current staff and the percentage of time they spend on the necessary functions.
In answering this question, you likely need to answer many sub-questions (e.g., Are staff currently under-utilized?), If so, (what process improvements would help?).
Finally, in your decision on what to measure, be sure to include any reasonable objections (e.g., If staff is reduced, how would the company respond to surges in demand?).
Thinking about how you measure your data is just as important, especially before the data collection phase… Why?! Because your measuring process will either backs up or discredits your data analysis.
Join the Best online live data analysis training program and contact us to discover how the right data analysis drives success for your organization.