Data analysis is nowadays a fundamental method to increase the efficiency, profitability and optimization of your business. This term refers to the research, analysis, transformation and study of a set of information or data. The idea is to identify what is most relevant.
In addition, in order to do a better review or study, it involves a series of steps, tasks and techniques. The objective is to propose different solutions and provide key conclusions. There are different types of data analysis that you should know. In Heinsohn Corp, we help you to find out more about them.
4 Types of data analysis
In the last few years, the use of data analysis has increased in several companies of different branches. Sometimes it is complex to contrast, prioritize and evaluate all the information from a large number of sources. Therefore, there are four types of analytics that you have the opportunity to use in your brand or business.
1.-Descriptive analytics
This analysis is focused on the data collected in the previous years or months of a company. It collects and studies the background information regarding the sales and revenue of the business model. Obtains all this information from different sources with the purpose of extracting what is relevant.
It indicates for example which products were the best sellers, effectiveness of a campaign, number of lost customers or returned items. The results are displayed through graphs, comparisons and well elaborated designs. You can use these results to make better decisions.
2.-Diagnostic analytics
It consists of crossing a large amount of data with other data from different sources. The objective in this analysis is to contrast in order to give an answer to why a specific purchase behavior happened. The main idea is to investigate in depth, investigate, detect and track any failure.
In other words, if you launched a campaign and it did not have the desired response, this type of analysis can be useful. It helps to identify a problem or inconvenience related to the profitability of the business. It makes a diagnosis in order to take the necessary measures and not make the same mistakes again.
3.-Predictive analytics
It extracts the different data to try to give a forecast of the future. For this reason, it is focused exclusively on what might happen next, in the following months. It answers what could be the customers’ behaviors, what they will like and their possible buying patterns.
It can be useful when you want to identify what the future trends will be. This way you will focus your service or product based on it. Keep in mind that it works with probabilities or estimates. That is why it is necessary that you make a constant review.
It gives you solutions to prevent possible errors. It can also help you to offer a better service or product that customers may like. This is fundamental to save possible unnecessary expenses, as well as the other different types of data analysis.
Discover how to create an analytical report.
4.-Prescriptive analyticsHelps to make decisions with greater precision. It is able to define what can happen in case of doing a certain action. It shows different analyses and from there you can choose the next step you are going to take. The goal is to try to avoid mistakes or inconveniences that might happen later on.
It also allows you to increase the probability of success in your sales, campaigns and strategies through the decision you choose. This analysis verifies and studies data from your business but also from other similar businesses for better contrast. It focuses on big data and algorithms.
Data analytics software
Studying correctly the different internal and external data related to your company will benefit you in improving your products or services. You can use this process to make decisions, as well as analyze past, present and future consumption patterns or categories.
There is software that is very useful for data analysis. They contrast, process and study multiple data. They provide graphs and tables for you to better visualize the results. You should know that nowadays companies are willing to invest in this kind of tools.
In Heinsohn Corp, we have a complete service of data analysis and software development. We provide you with solutions through the collection of information to improve your business efficiency and make better decisions. You can get reports, data management, maps and take advantage of the different data.
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