How to use the 4 main types of data analysis

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We often feel that we are right about one issue or another because of our intuition. But are sales numbers better than in other years or periods? Has production increased?

Does this also mean an increase in customer satisfaction? Maybe not. We have many predefined concepts and, therefore, we believe in them blindly. However, we cannot define strategies at the whim of the wind, right?

The importance of not wasting resources to remain competitive grows every day. Today, with Big Data Analytics, there are a multitude of types of data analysis available. They can reveal the true picture of a current scenario or a forecast of the future.

This tool acts as a business doctor if you know how to use it, identifying symptoms, giving a diagnosis, prescribing a medication and suggesting preventive habits. But you'd be wrong if you think it can do everything on its own.

It requires the management of a specialized india telegram lead multidisciplinary team that knows where to look, where to find information and how to connect with the business. As the name suggests, Big Data is a world of data collection that, if grouped correctly, will bring advantages, such as better understanding of the customer and improving operations.

Therefore, in today’s post, we will talk about the 4 main types of data analysis used to extract the best results in companies. Stay tuned!

Descriptive analysis: a portrait of today
This is the most common type: more than 80% of the analyses performed are descriptive , as the analyst can see the main metrics and measurements in real time. It is known as Big Data data mining. Unlike the other three, it is a way of understanding data without relying on the past or future.

For example, you can extract a report on how your customer base behaves in terms of age and income, as well as who your followers are on social media and their characteristics.

This method is also used in risk studies for car insurance. The insurer analyzes data that is already in a database — such as the violence rate of the location where the car is parked, how many accidents the applicant has been involved in, and the price of the vehicle — to determine the amount to be paid.

This large amount of raw data, when grouped into a dashboard, becomes more useful for the business. This is especially true when you need targeted information to act quickly in a situation.

Diagnostic analysis: the reason for the event
Diagnostic analysis shows why a situation occurs. It answers the questions “what?”, “when?”, “where?” and “how?”, and serves to measure the results of actions (such as a marketing or sales campaign).

This makes it possible to improve the performance of future initiatives and reduce costs. It is worth remembering, however, that this method is not real-time: the analysis is performed over specific periods, so that the results can be compared.

Therefore, it is necessary not only to collect data, but also to be intelligent in analyzing it. In order for the analyst to obtain the best results, he or she must have some knowledge of the business and how it works. Another option is to form teams that have professionals with both profiles.