July 15, 2024, 2:33 p.m.

Data Analysis

Data analysis is the process of cleaning, analyzing, interpreting, and visualizing data using various techniques and business intelligence tools. Data analysis tools help you discover relevant insights that lead to smarter and more effective decision-making. You’ll often see the terms data analysis and data analytics used interchangeably. But, there’s a slight difference between the two. Data analytics is the overarching discipline and refers to the whole process of data management: data collecting, storing, organizing, and analyzing. It includes the tools and techniques used to deep-dive into data, as well as those used to communicate the results ‒ for example, data visualization tools. Data analysis, on the other hand, focuses on the process of turning raw data into useful statistics, information, and explanations.

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What Is Data Analysis and How Can You Get Started?

On average, up to 55% of data collected by companies goes unused for analysis. Perhaps businesses don’t know what to do with it. Or, they don’t know what they want to achieve by going through all their data. Maybe, they know how valuable it is, but don’t have the tools to organize, process, and analyze their data. In this article, we’ll explain the different types of data you can analyze, walk you through the data analysis process, and explain how data analysis leads to smarter business decisions.