Top Data Analysis Methods to Boost Business Profits

Aug 28, 2018

predictive modeling techniques

Data analysis is a method which helps in analyzing the huge amount of raw data available to determine the desired output or results based on that data. The nature of this data is based on the type of data that is being examined, such as an organization focusing on analyzing its employees’ performance or the performance of the sales team or salesperson, etc. Therefore, there are various data analysis methods and techniques depending on the organization, which helps in obtaining the targeted outcome. Let’s see those methods first:

Popular Data Analysis Methods

Quantitative Methods

Quantitative data analysis transforms the raw data or primary data into a meaningful one with the help of critical and rational thinking. This method includes variable frequency calculations and analyzes the difference between them. The quantitative method includes the following analysis processes:

  • Models of statistics
  • Variable analysis
  • Dispersion of data
  • Variables relationship analysis
  • Co-relation and contingency
  • Analysis of regression
  • Precision
  • Limits of error

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Qualitative Methods

Qualitative data analysis is also termed as non-numerical data or descriptive data. It analyzes the data, which is categorical in nature or non-numeric data. Such methods are used to analyze data captured through ideas, concepts, and opinions. Such methods give a better understanding of the objectives of any organization and reveal patterns of customer behavior.

Data Analysis Techniques

1. Data Analysis by an Outside Specialist

Sometimes an organization needs a fresh and unique perspective to come up with innovative approaches to use the data. Employees in the organization who use data daily may not visualize the diverse approaches and develop tunnel vision. As a result, it is one of the crucial data analysis techniques for any business to get a data consultant from outside to expect some unique results.

2. A Single Data Model for All

Organizations should focus on creating a single data model for use by all the data analysts and can be produced by all data providers. This will help in avoiding data hacks and allow for the efficient handling of data and bring about a reduction in errors.

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3. Self-Service Business Intelligence Tools

These tools help make data secure and easily available in the organization. This technique enables anyone in the organization to explore the key marketing or financial metrics and helps gain tremendous returns.

Benefits of Data Analysis Methods

Enhanced Customer Experience

Data analysis methods help in understanding the needs of the customers and optimizing their experience. Through reliable information and relevant results received by these methods, customers can easily trust the brand or the product or the service. Thus, helping in boosting customer experience.

Minimize Fraud and Risk

These methods help in protecting the organization’s assets from any misuse or threats. Efficient data analytics delivers maximum protection from fraud and organizational security. It also helps in predicting any potential vulnerabilities.

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Relevance in Delivery and Demand

Products are the biggest assets of any company and the product management team is also, therefore, very important. It helps the organization to determine trends that provides a roadmap for innovation. Data analysis helps companies to stay ahead of the competition and technological advancements.

Personalized Service

Organizations are finding it very difficult to structure their data properly. So, to react in real-time and provide a personalized feel to the customers, data analysis is very important. These methods help to understand the attitudes and help deliver personalized services to the customers.

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