Data analysis is a popular way for businesses to use information to make decisions that shape their future direction. Because of this, data analytics have become a valuable tool to organise information so that leaders can gain insights from them. If you are looking for ways to understand your business better, here are six types of data analysis that could prove useful.
1. Descriptive Analysis
According to Harvard Business School, descriptive analytics is the use of current and past data to find trends. Examples of this include website monitoring information, or finding trends in customer behaviour.
2. Spatial Analysis
This type of analysis uses locations as a point for research, and is particularly useful for the retail and logistics sectors. For example, it can be used to optimise supply chain routes or discover the best locations for new premises.
- Social AnalysisMany people use social media, and this means it contains a vast amount of useful information. This can be used to find customer preferences and influential publishers, monitor brand reputation and more.
4. Predictive Analysis
Predictive analytics is a useful way to make forecasts about future events. By using it, businesses can take proactive measures to reduce risks and increase rewards by making educated decisions.
5. Diagnostic Analysis
Rather like descriptive analysis, diagnostic analysis also looks at past events. However, it uses a deeper approach to find out what may have led to a particular outcome, enabling businesses to take appropriate actions to either repeat or avoid them in the future.
6. Textual Analysis
Valuable information is hidden in the large amounts of text that surround a business, be it documentation, social media or emails. Extracting information from these sources can provide valuable insights.
Using Data
Understanding data can be confusing, but there are tools that can help. It is also worth engaging the services of a data analysis company that already has the expertise to find the information you need. For more on data services, see shepper.com/.
Analytics is an essential way for companies to know their market, strengthening their position for the future.
