DATA ANALYSIS METHODS: WHAT ARE THEY AND HOW TO USE THEM? KNOW!
Knowing well the methods of data analysis is essential for the promising progress of an organization.
Data analysis is the in-depth assessment of all the events and results of a company’s daily activities. Therefore, this is an essential practice, which has the ability to transform numbers into information capable of contributing to problem solving. For the data analysis to take place, it is important to establish some aspects of how to collect these elements.
Do you want to know some methods of data analysis that will provide a renewal in your company? Keep reading!
predictive
Predictive analytics is a technique used to obtain prior information on certain subjects, such as market dynamics, customer expectations, sales flow and possibilities, etc. Given this important information, managers are more likely to plan more closely on these circumstances and thus carry out the most appropriate activities for the success of the business.
Prescriptive
Prescriptive analytics is in some ways similar to predictive analytics. What differs from each other is that prescriptive analysis focuses on assertive measures for the decisions of the moment. It is essential that this intervention is better than the others taken previously, as the objective of prescriptive analysis is to assess the efficiency of processes to intensify resolute actions.
This method of analysis is one of the most challenging features, as it requires managers to have some knowledge of data science techniques. Few companies use this type of analysis because it contains a high degree of complexity. Therefore, using it can be a great differentiator to leverage the productivity of your organization.
Diagnosis
Diagnostic analysis aims to collect information in a more generalized way. A point of great value to be observed, for example, is the knowledge of the target audience, which includes their tastes and other information that makes it possible to compare metrics and invest in marketing aimed at this clientele.
To make a more efficient approach, it is worth asking some specific questions, such as:
who?
When?
Where?
as?
because?
After collecting the diagnostic responses, it’s time to evaluate them and make strategic projections to expand the best results for your institution. In this sense, diagnostic analytics forms an efficient duo with predictive analytics — the two complement each other.
Exploratory
For exploratory analyzes to take place, a professional must identify some data points before integrating them into the system or observe if they are incomplete before performing this service. Therefore, to use data analysis methods, it is important to make use of strategies that can present a differential in the results of this action. It is necessary to go through different stages, such as exploratory analysis, data modeling and report generation, in order to further enhance your company’s analysis methodology.
