Data analysis is defined as the process of acquiring data from various sources and unearthing valuable insights or patterns from the data. It has been recognized as an assistive tool for businesses. Businesses use data analysis to make strategic decisions, some of which include:
- Consumer behavioral insight – understanding consumer patterns, needs and preferences
- Identifying ways to increase ROI – measuring data related to operations and sales in order to understand how to improve efficiency, cut costs and increase profit.
- Identify new business opportunities – determine patterns of behaviour to find gaps or opportunities in the market.
These are but a few examples of how data analysis can benefit a company. This programme aims to highlight data analysis as a growing discipline and is demonstrating a larger impact on businesses. It is also becoming more affordable and less daunting for businesses to adopt.