Data analysis is important to any businesses . In fact, no business can survive without analyzing available data.
Visualize the following situations:
A Health company is performing trials on number of patients to test its new drug to fight cancer. The number of patients under the trial is well over 500.
A FMGC company wants to launch new variant of its existing line of fruit juice. It wants to carry out the survey analysis and arrive at some meaningful conclusion.
The CEO knows that there is something wrong with one of its successful products, however hasn't yet carried out any market research data analysis. How and what does he conclude?
These situations are indicative enough to conclude that data analysis is the lifeline of any business.
What is the importance of data analysis - instead, one should say what is not important about data analysis.
Merely analyzing data isn't sufficient from the point of view of making a decision. How does one interpret from the analyzed data is more important. Thus, data analysis is not a decision making system, but decision supporting system.
Data analysis can offer the following benefits:
1) Identify or spot the reasons for Business Profit drop.
2) Structuring the findings from survey research or other means of data collection
3)Break a macro picture into a micro one
4)Acquiring meaningful insights from the data set
5)Identify or spot the reasons for Business Profit drop
Hire a Data Analyst now to make Business Decisions.