Never Ignore The Power Of Data Analysis – Big Data and Data Science are terms minted in Data Analytics and currently heard of so often. Data Analysis is one of the most significant big data trend in almost all major contributing industry in the economy. To be precise, Data Analysis is a subset of Business Intelligence (BI). The BI has evolving in methodology and advanced as a tool of Data Analysis in the enterprise. The approach comprises of various techniques, extraction of significant variables, hypothesis tests, assumption and permutation all together processed to maximise the insights in the data set resulting the most probable & practical output.
We, at Iqonic Design, strive our best to orient ourselves with the best technological advancements. Data Analysis is one big thing that is coming and doesn’t look like pausing anywhere. For business, it comes in the form of location data, personal information, cookies, online behavior tracking, buying habit analysis, etc. Tech companies and organizations use data to build models of the past, present, and future based on the data they collected before. More than just a forecasting tool for the Sales of a company, data analysis aims to go beyond projecting the future and it prescribes the best and the most profitable course of action.
All businesses use data analysis in two forms — structured and unstructured. Playing around data is a business and we now have agencies like Customer Data Services, Sales Record Agency, Shipping record analysis & tracking, Inventory forecasting agency, Billing record-keeping, Time-card record services, Web traffic defining agency, raw data from IoT devices, and so on. These are the new business concept that is already booming today.
Data Analysis is one of the most promising future business concepts and here’s just a quick business project you’ll hear about or might have heard about already:
1. Data Analysis in Data mining consultancy service
2. Business Intelligence service agency
3. Fraud detection service
4. Trading data management software
5. Data monetization businesses
6. Develop Machine Learning or NLP tools
7. Visual Reality Sports training
8. Social network recommending services
9. Intelligent toys
10. Medical Fitness wearable manufacturing business
If you’re using Data Analysis already in your organization, it is great but if you’re planning to board the bandwagon, then this step-by-step guide will help you through.
How does a business get started with data analytics?
Step 1: Start collecting data in a meaningful way — both structured and unstructured
Step 2: Set a short-term or a larger impact transformation goal so that you know where you’re heading.
Step 3: Find out how you’re going to achieve your goal. The sources and medium through which you’ll reach your desired level will help you focus better.
Step 4: Once you have your data, you’ve set your goal and know how you’re using those data to reach your goal, now it’s time to test it. Perform small-scale tests to check the results you get, make changes, and then test again at larger and larger scales.
Step 5: Once, you’ve added useful data, formulae, and algorithms have been built up, and once your test ran well, it’s time to jump on the final step which is actual data analysis application to the entire business.
The new business ideas based on data aggregation will keep coming into the picture and there’s no looking back. You now do not need to guess, make mistakes, and start from square one. With data analysis software and companies making these easier for you, all you need is to focus on your ultimate goal of business.