Data analysis is defined as a process of cleaning, transforming, and modeling data to discover useful information for business decision-making. The purpose of Data Analysis is to extract useful information from data and taking the decision based upon the data analysis.
Whenever we take any decision in our day-to-day life is by thinking about what happened last time or what will happen by choosing that particular decision. This is nothing but analyzing our past or future and making decisions based on it. For that, we gather memories of our past or dreams of our future. So that is nothing but data analysis. Now same thing analyst does for business purposes, is called Data Analysis.
To grow your business even to grow in your life, sometimes all you need to do is Analysis!
If your business is not growing, then you have to look back and acknowledge your mistakes and make a plan again without repeating those mistakes. And even if your business is growing, then you have to look forward to making the business to grow more. All you need to do is analyze your business data and business processes.
Types of Data Analysis: Techniques and Methods
There are several types of data analysis techniques that exist based on business and technology. The major types of data analysis are: