{"id":251002,"date":"2023-06-12T05:39:43","date_gmt":"2023-06-12T05:39:43","guid":{"rendered":"https:\/\/imarticus.org\/?p=251002"},"modified":"2024-04-02T05:04:31","modified_gmt":"2024-04-02T05:04:31","slug":"analytics-and-visualisations-for-businesses-getting-the-most-out-of-data","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/analytics-and-visualisations-for-businesses-getting-the-most-out-of-data\/","title":{"rendered":"Analytics and Visualisations for Businesses: Getting the Most Out of Data"},"content":{"rendered":"<h2><strong>What is Data Analytics?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Data analytics involves acquiring, arranging, evaluating, and transforming diverse raw data into comprehensive insights to enhance a business's or organisation's operational efficiency and performance.<\/span><\/p>\n<p><strong>This multifaceted approach comprises distinct phases:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Data categorisation:<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> Grouping data based on various parameters, such as demographic factors (e.g., age, gender, income).<\/span><\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Data acquisition:<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> Gathering data from diverse sources, including computer systems, cameras, personnel within companies\/organisations, and more.<\/span><\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Data structuring:<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> Organising data utilising spreadsheets or specialised software to help ensuing analysis.<\/span><\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Data cleansing and preparation:<\/b><span style=\"font-weight: 400;\"> Ensuring the accuracy, consistency, and elimination of errors or duplicates, enabling analysts to start the data analysis process.<\/span><\/li>\n<\/ul>\n<h2><strong>What Are the Types of Data Analysis Techniques?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Data analysis encompasses four categories: descriptive, diagnostic, predictive, and prescriptive. These analyses enable businesses to make informed decisions.<\/span><\/p>\n<h3><strong>Descriptive analysis<\/strong><\/h3>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignleft wp-image-250538 size-medium\" src=\"https:\/\/imarticus.org\/blog\/wp-content\/uploads\/2023\/05\/bba-g2-300x177.webp\" alt=\"bba in business analytics training program\" width=\"300\" height=\"177\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The descriptive analysis focuses on understanding past events or trends. It provides insights into sales volumes, fluctuations, and other relevant information without delving into causality.<\/span><\/p>\n<h3><strong>Diagnostic analysis<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The diagnostic analysis aims to uncover specific outcomes or events' root causes or factors. It investigates reasons for sales increases or decreases, such as seasonal patterns or marketing campaigns.<\/span><\/p>\n<h3><strong>Predictive analysis<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The predictive analysis leverages statistical techniques and data mining to forecast future outcomes or trends. It creates visual representations to help understand and inform decision-making.<\/span><\/p>\n<h3><strong>Prescriptive analysis<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The prescriptive analysis offers recommendations based on predictive analysis outcomes. It suggests specific actions to take and assesses the potential implications of those actions.<\/span><\/p>\n<h2><strong>What Are the Components of Data Analytics?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Data analytics elements cover various techniques for processing data. They include:<\/span><\/p>\n<p><b>Text analysis:<\/b><span style=\"font-weight: 400;\"> Text analysis involves analysing large volumes of text to develop algorithms. It is applied in autocorrect features, linguistic analysis, and pattern recognition, such as in Microsoft Word.<\/span><\/p>\n<p><b>Data mining:<\/b><span style=\"font-weight: 400;\"> Data mining focuses on extracting valuable insights from vast datasets. It helps identify behavioural patterns in clinical trials and breaks down large data chunks into smaller, purposeful segments.<\/span><\/p>\n<p><b>Business intelligence:<\/b><span style=\"font-weight: 400;\"> Business intelligence is a vital process for successful enterprises. It transforms data into actionable strategies, guiding decisions like product placement and pricing to drive commercial success.<\/span><\/p>\n<h2><strong>What is Data Visualisation?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Data visualisation involves presenting information, such as graphs or maps, to improve understanding and extract insights from data. Its primary aim is to ease the identification of patterns, trends, and anomalies within large datasets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data visualisation is often used with terms like information graphics, information visualisation, and statistical graphics.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Within the data science process, data visualisation is a crucial step. Once data is collected, processed, and modelled, visualising it enables drawing meaningful conclusions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, data visualisation is a component of the broader discipline of data presentation architecture (DPA), which focuses on identifying, manipulating, formatting, and delivering data.<\/span><\/p>\n<h2><strong>What Are the Types of Data Visualisation Techniques?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Visualising data can range from simple bar graphs and scatter plots to robust analyses comparing variables like the median age of the United States Congress to that of Americans.\u00a0<\/span><\/p>\n<p><strong>Some common data visualisation types include:<\/strong><\/p>\n<p><b>Table:<\/b><span style=\"font-weight: 400;\"> Data organised in rows and columns, created in Word documents or Excel spreadsheets.<\/span><\/p>\n<p><b>Chart or graph:<\/b><span style=\"font-weight: 400;\"> Data presented in tabular form with values plotted along the x and y axes, using bars, points, or lines to represent comparisons. Infographics combine visuals and words to illustrate data.<\/span><\/p>\n<p><b>Gantt chart:<\/b><span style=\"font-weight: 400;\"> A timeline-based bar chart that visualises tasks and their duration in project management.<\/span><\/p>\n<p><b>Pie chart:<\/b><span style=\"font-weight: 400;\"> Data divided into slices representing percentages, combining to form a whole (100%).<\/span><\/p>\n<p><b>Geospatial visualisation:<\/b><span style=\"font-weight: 400;\"> Data displayed on maps using shapes and colours to highlight relationships between specific locations, such as choropleth or heat maps.<\/span><\/p>\n<p><b>Dashboard:<\/b><span style=\"font-weight: 400;\"> Business-focused display of data and visualisations, providing analysts with an overview and deeper insights.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Each visualisation type serves different purposes, aiding in data understanding, analysis, and presentation.<\/span><\/p>\n<h2><strong>What Are the Advantages of Data Analytics and Visualisation?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Data analytics and visualisation play vital roles in the business decision-making process, offering many benefits:<\/span><\/p>\n<p><b>Enhanced decision-making:<\/b><span style=\"font-weight: 400;\"> Using skilled data analysts and appropriate software, companies can identify market trends and make informed decisions to boost sales and profits.<\/span><\/p>\n<p><b>Deeper insights:<\/b><span style=\"font-weight: 400;\"> Data analytics and visualisation enable companies to gain valuable insights into their customer base. Businesses can better understand clients' preferences and behaviours by breaking down large datasets.<\/span><\/p>\n<p><b>Improved productivity and revenue growth:<\/b><span style=\"font-weight: 400;\"> By analysing data, companies can identify areas for investment and process automation, leading to improved efficiency and revenue growth.<\/span><\/p>\n<p><b>Real-time market behaviour monitoring:<\/b><span style=\"font-weight: 400;\"> With real-time data analytics and visualisation dashboards, stakeholders can identify changes in market behaviour and adapt their strategies.<\/span><\/p>\n<p><b>Market analysis:<\/b><span style=\"font-weight: 400;\"> Data analytics and visualisation techniques allow companies to analyse different markets, enabling informed decisions on which markets to focus on and which to avoid.<\/span><\/p>\n<p><b>Business trend analysis:<\/b><span style=\"font-weight: 400;\"> Data analytics and visualisation enable businesses to examine present and past trends, facilitating predictions and guiding future strategies.<\/span><\/p>\n<p><b>Data relationships:<\/b><span style=\"font-weight: 400;\"> By exploring data relationships, companies can uncover valuable insights and make informed decisions based on these findings.<\/span><\/p>\n<h2><strong>What Are the Differences Between Data Analytics and Data Visualisation?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Data visualisation and data analytics are distinct careers with differences in how they work with large datasets and communicate their findings.<\/span><\/p>\n<h3><strong>Data use<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Data analysts study datasets with a specific purpose, drawing conclusions and making predictions based on the data. They provide recommendations and insights to decision-makers in organisations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data visualisation experts focus on presenting data visually to improve understanding. They don't reach conclusions or make predictions themselves but translate the findings of data analysts into visually appealing and understandable formats.<\/span><\/p>\n<h3><strong>Communication methods<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Data analysts primarily communicate through written and oral reports, conducting in-depth analyses of their research questions. Their reports include the question, methodology, and findings of their analysis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data visualisation experts present their reports using graphs, charts, and visual aids, simplifying complex data into easily understandable visuals. Their presentations often consist of a series of visual aids without providing direct conclusions or recommendations.<\/span><\/p>\n<p><strong>Conclusion<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Businesses and organisations can make informed choices based on analysed data by using the power of data analytics and visualisation, improving performance and profitability.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Businesses can identify the value of their collected data using a data-driven approach, making it a significant advantage they should consider.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Embark on a data-driven career journey with Imarticus Learning\u2019s <\/span><a href=\"https:\/\/imarticus.org\/bba-in-business-analytics-by-geeta-university\/\"><span style=\"font-weight: 400;\">online BBA course<\/span><span style=\"font-weight: 400;\"> in Business Analytics<\/span><\/a><span style=\"font-weight: 400;\"> by Geeta University.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gain comprehensive data visualisation and analytics skills to make informed decisions and excel in business. Start shaping your future today!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Visit Imarticus Learning for more information on our <\/span><strong><a href=\"https:\/\/imarticus.org\/bba-in-business-analytics-by-geeta-university\/\">BBA in Business Analytics<\/a><\/strong><span style=\"font-weight: 400;\"><strong> program<\/strong>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Data Analytics? Data analytics involves acquiring, arranging, evaluating, and transforming diverse raw data into comprehensive insights to enhance...<\/p>\n","protected":false},"author":1,"featured_media":250539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[4282],"pages":[],"coe":[],"class_list":{"0":"post-251002","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-analytics","8":"tag-analytics-and-visualisation-training-for-business"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Analytics and Visualisations for Businesses: Getting the Most Out of Data<\/title>\n<meta name=\"description\" content=\"Data analytics involves acquiring, arranging, evaluating, and transforming diverse raw data into comprehensive insights to enhance a business&#039;s or organisation&#039;s operational efficiency and performance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/imarticus.org\/blog\/analytics-and-visualisations-for-businesses-getting-the-most-out-of-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analytics and Visualisations for Businesses: Getting the Most Out of Data\" \/>\n<meta property=\"og:description\" content=\"Data analytics involves acquiring, arranging, evaluating, and transforming diverse raw data into comprehensive insights to enhance a business&#039;s or organisation&#039;s operational efficiency and performance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/imarticus.org\/blog\/analytics-and-visualisations-for-businesses-getting-the-most-out-of-data\/\" \/>\n<meta property=\"og:site_name\" content=\"Finance, Tech &amp; 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