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The Basics of Data Analysis

Data analysis is the process of turning the raw data into useful information to guide your business decision-making and operations. It begins by identifying the issue you are trying to resolve, obtaining all the relevant data and then analyzing it using a variety of statistical techniques to find patterns or relationships. The result is often an increase in profit or efficiency.

First, you need to identify the objective. The goal can be as simple or complicated such as predicting churn of customers. Then, you’ll need to decide what type of data analysis will get you there. Diagnostic data analysis is designed to discover known connections between data points to explain observations. Predictive modeling is the opposite. It makes use of past data to predict outcomes.

The next step involves obtaining data. This could mean obtaining data from sources like CRM software, internal reports, and archives. It could also involve the import of external data, which involves the use of data from a variety of sources in various formats. Once you have your data, you can start preparation for analysis by organizing, cleaning and transforming it if necessary.

After the data has been analysed, you must create a summary of the findings and present them in an easy-to-understand clearing discord cache format for your readers. This could require you to write for lay people, or collaborate with a statistician translate technical terms and procedures into readable text.

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