Edgar Radjabli Discusses: What Is Data Analytics, and Why Is It Important?

Data analysts perform the task of data analysis by presenting numbers and figures. The primary purpose of data analysts is to record, analyze and dissect the data and presenting the findings in an accessible format. In the business world, data analysis holds an important place and allows the company to make an efficient decision by focusing on the following areas,

  • Determine the customer interests and expectations

The learning of data analysis is essential that allows the various companies to get prosperous. For instance, Edgar Radjabli adopted the data analysis skills and purchased an existing dental office. Edgar Radjabli acquired modern technology through data analysis and implemented the business system and procedures to provide the best services to doctors looking for job opportunities.

Responsibility of data analyst:

The primary responsibility of data analysts is to help the business managers take an appropriate decision that can drive the company forward. Furthermore, it increases profits through improving efficiency and results in achieving organizational goals. The primary responsibilities of data analyst include,

  • Knowing the business objectives and directions

Important examples of data analysis:

For a better understanding of data analysis, they are classified into four categories.

Descriptive analysis:

The analysis helps the company review the past data and determine the loose end. Descriptive research is often used to determine sales leads, key performance indicators, and revenue.

Diagnostic analysis:

Every analysis is specific to its functioning, and diagnostic analysis helps to determine why the problem occurred. The diagnostic study results may be positive and negative and can be done to find the right reason. Many businesses use this approach in various trending months to improve their marketing efforts by determining the marketing trends.

Predictive analysis:

As the name indicates, the analysis helps to predict future outcomes. The trends are created from the past data to plot a prediction about the future. In order to predict the revenue for next year, the data is drawn from the previous years and analyzed. After that, the company makes appropriate decisions considering the performance of a company. Furthermore, the approach can be applied to several complicated issues like quantifying leads, risk management, and sales forecasting.

Prescriptive analysis:

In the prescriptive data analysis, the information is extracted from the last three years. After that, the action plan is created to tackle the challenges and make a decision. The overall procedure of prescriptive analysis is lengthy but efficient.

Conclusions:

All these four analyses help the business to determine the loose ends and make the best decision. Several data analysis software is present that allows the company to estimate the future and past performance. All these tools are associated with determining the business performance and make the best decision.

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