You can gain a lot of insight from a heavy volume of data. But the actual benefits will come down to whether or not you can properly analyze what you see. A great customer experience depends on your decision, so make the correct one to improve your company.
Table of Contents
1) Statistical
Statistical analysis is the way to go when you want to know what’s happening. This has led to a lot of businesses relying on Tridant to prevent unnecessary annual surprises. Old data is valuable when you can compare it to new data, as new data is not optimal when there is no old data. This balance is why it is vital to analyze any and all relevant data that comes across your desk. When you start cherry picking specific information, then it will leave out a large part of what makes statistical data so impressive.
2) Text
Data mining is another way to say text analysis. Patterns are discovered using this method, as databases have many secrets to tell. For text analysis, the larger the sample size, the better the results. With the help of text analysis, you can turn raw data into useful data for business. Interpreting a large amount of information without data mining will lead to incorrect conclusions. In many situations, text analysis has saved companies from wasting data that is worth thousands of dollars.
3) Predictive
Companies that lean on predictive analysis are already at the top of the food chain in the industry. They are already generating record profits and avoiding historic collapses in key departments. Smaller companies that want the same results have to be able to crack the ‘what’s likely to occur’ code. That means heavily relying on previous data to predict future outcomes. Being accurate with predictive analysis requires experience, and a small bit of luck. Companies that try to wing it with this model suffer serious consequences with their handling of the data.
4) Diagnostic
Diagnostic analysis will discover the cause of a lot of your problems. You will know why certain things happened, and what to do in the future to prevent it. A funny thing about diagnostic analysis is that some companies put resources into finding the problem only to do absolutely nothing when they find the answer. Diagnostic analysis is useless in the hands of a company that refuses to make the necessary changes uncovered by behavioral patterns. These insights are an instruction manual, so it is completely up to your company whether you choose to follow up.
5) Prescriptive
Not to be confused with predictive, prescriptive analysis is when you take all of the data and make a plan. Collecting the data answers the question of past, present and future problems of the company. Prescriptive analysis is the resolution, or at the very least your commitment to using the data in front of you.
Beneath the Data
Trends with data are only a small part of the overall picture. Data analysis takes your business processes to an entirely new level – if you’re prepared. Once you have everything visualized, quantitative and qualitative data fully makes sense.
About Carson Derrow
