Data Analytics

Data analysis is a process of searching for information that can be used to predict, understand or support the course of action taken by the company.

Taking information as it is, studying it to draw a conclusion and using it as a basis for making business decisions are all part of the science of data analysis. Data analysis is a technique under data analysis and is divided into several general parts, namely: confirmatory data analysis (CDA), qualitative data analysis (QDA) and the exploratory data analysis.

CDA also known as statistical hypothesis test used to arrive at decisions based on the results of experiments. It tests a current statistic or theory and makes it either significant or insignificant.

The EDA is in contrast to the CDA. Its approach is descriptive – with no preconceived notions. Unlike the affirmative data analysis, the exploratory data analysis stems from a theory or hypothesis based on what exists in the research. The questions to be answered usually stem from the data collected as opposed to the CDA, where there is already a set of questions that need specific answers.

QDA is the process of analyzing data from different angles, aspects, focus or perspectives. For example, two people might look at the same thing, but have completely different thoughts about it. This concept applies to QDA. How the data is interpreted depends on the purpose. Qualitative data analysis focuses on information that cannot be contained in numbers, but in what can be deduced from images, videos, people views, behavior, etc.

That said, some might confuse data analysis with data mining when both are quite different. As data analysis focuses on what is already known and seen, the data industry is digging deeper to find other patterns and connections that have not yet been discovered.

Various companies are investing in data analytics because it has already proven that it is necessary in the world of commerce. It doesn’t matter if it’s about buying or selling goods or services, business is intertwined with data analysis.

In short, data analysis is a systematic way of understanding information at hand and using it to promote business ventures. It helps companies decide what the next step would be and whether or not that step would advance them. It has come a long way in the years that have passed and because of technology; data analysis is faster and more efficient. With the use of computers and other modern equipment, more can be achieved in less time.