Cleaning, converting, and modelling data to identify usable information for business decision-making is defined as data analysis. Data analysis’ goal is to extract usable information from data and make decisions based on that knowledge.
A basic example of data analysis is when we make a decision in our daily lives, we consider what happened the last time we made that decision or what will happen if we make that decision. This is nothing more than looking backwards or forwards in time and making decisions depending on our findings. We do this by gathering memories from the past or fantasising about the future. So that’s all there is to data analysis. Data analysis is what an analyst performs now for business goals.
Data Analysis Jobs, salary and benefits
Users can utilise data analysis tools to process and alter data, examine linkages and correlations between data sets, and uncover patterns and trends that can be interpreted. The following is a comprehensive list of data analysis tools used in research.
Types of Data Analysis: Techniques and Methods
There are several types of Data Analysis techniques that exist based on business and technology. However, the major Data Analysis methods are:
- Text Analysis
- Statistical Analysis
- Diagnostic Analysis
- Predictive Analysis
- Prescriptive Analysis
Data Analysis Process
The Data Analysis Process is nothing but gathering information by using a proper application or tool which allows you to explore the data and find a pattern in it. Based on that information and data, you can make decisions, or you can get ultimate conclusions.
Data Analysis consists of the following phases:
- Data Requirement Gathering
- Data Collection
- Data Cleaning
- Data Analysis
- Data Interpretation
- Data Visualization
What tools do data analysts use?
During the process of data analysis, analysts often use a wide variety of tools to make their work more accurate and efficient. Some of the most common tools in the data analytics industry include:
- Microsoft Excel / WPS
- Microsoft Power BI
- Jupyter Notebooks
Salary and prospects for data analysts
There’s a lot of need for data analysts right now. It is ranked number two in the United States in terms of job growth by the World Economic Forum. Related occupations are likewise growing at an exceedingly fast rate, according to the Bureau of Labor Statistics.
Operations research analyst jobs are predicted to rise 25%, market research analyst jobs are expected to expand 22%, and mathematicians and statisticians are expected to grow 33% between 2020 and 2030. This is significantly greater than the 7.7% increase in overall employment.
Types of data analysts career
People who perform data analysis might have other titles such as:
- Business analyst
- Business intelligence analyst
- Operations research analyst
- Intelligence analyst
- Spreadsheet analyst
- Advanced excel
- HR Analytics
- Facebook Ads planner