What is data analysis?
Data is regarded as the modern day oil. Just like oil facelifted the industrial revolution, data is leading the modern day digital disruptions. In the digital marketing perspective, data analysis is the process of gathering, churning, transforming and modelling data to discover valuable business insights for making successful business decisions. It is the process of analysing the past business outcomes and predicting or curating the future business strategies.
Why data analysis?
As our modern business ecosystem has become more tech driven, business data is getting piled up to millions and billions in a matter of seconds. A business enterprise should have strong accessibility to these data and moreover, they need to churn out business data in real time get valuable insights on business growth in order to thrive in the highly competitive environment.
The SocialPulsar Impact
Retention in business is highly crucial. If a business needs to grow it should have the ability to retain customers over a specific period. SocialPulsar’s professionals are adept in proven brand/product analytics methods that helps you build and secure data informed customer retention strategy. Now leave behind all the tedious technicalities to us and get value added data data insights on your business. Our data analytics infrastructure comprises of advanced data analysis to deliver regular and ad hoc reports, alerts, notifications, and predictions. Our valuable business findings can be relayed on prioritizing and managing your brand strategies.
Types of Data Analysis
On the basis of business and technology, data analysis can comprise of various categories.
Text Analysis – Popularly known as data mining, this method relies on discovering patterns in large patterns of data using database and sophisticated mining tools. Data is extracted and examined to derive final interpretation of data.
Statistical Analysis – This format unearths what exactly happens with the past data in the form of dashboards. Data is collected, analysed, interpreted, presented and modelled. There are basically two formats – descriptive and inferential analysis.
Diagnostic Analysis – Just like the term indicates, this method shows why did an event happen from the insights gained from the statistical analysis. This category of analysis is seamlessly helpful in identifying the behaviour patterns of data.
Predictive Analysis – Now it’s time to foresee the future. By analysing the previous and existing data, this method focuses on predicting the future of business. The accuracy of this step depends on how much detailed information you have gathered in place.
Prescriptive Analysis – This format of analysis combines all the insights gathered in the previous steps and comes out with the right solution to the existing scenario. This area of business analysis is dedicated to find out the best source of action for a given situation.