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001 - Discover Data Analysis - Introduction

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Neeraj Kumar
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18 views2 pages

001 - Discover Data Analysis - Introduction

Uploaded by

Neeraj Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Introduction

5 minutes

As a data analyst, you are on a journey. Think about all the data that is being generated each
day and that is available in an organization, from transactional data in a traditional database,
telemetry data from services that you use, to signals that you get from different areas like
social media.

For example, today's retail businesses collect and store massive amounts of data that track the
items you browsed and purchased, the pages you've visited on their site, the aisles you
purchase products from, your spending habits, and much more.

With data and information as the most strategic asset of a business, the underlying challenge
that organizations have today is understanding and using their data to positively effect change
within the business. Businesses continue to struggle to use their data in a meaningful and
productive way, which impacts their ability to act.

A retail business should be able to use their vast amounts of data and information in such a
way that impacts the business, including:

Tracking inventory
Identifying purchase habits
Detecting user trends and patterns
Recommending purchases
Determining price optimizations
Identifying and stopping fraud

Additionally, you might be looking for daily/monthly sale patterns. Common data segments
that you might want to examine include day-over-day, week-over-week, and month-over-
month so that you can compare how sales have been to where they were in the same week
last year, for example.
The key to unlocking this data is being able to tell a story with it. In today's highly competitive
and fast-paced business world, crafting reports that tell that story is what helps business
leaders take action on the data. Business decision makers depend on an accurate story to drive
better business decisions. The faster a business can make precise decisions, the more
competitive they will be and the better advantage they will have. Without the story, it is
difficult to understand what the data is trying to tell you.

However, having data alone is not enough. You need to be able to act on the data to effect
change within the business. That action could involve reallocating resources within the
business to accommodate a need, or it could be identifying a failing campaign and knowing
when to change course. These situations are where telling a story with your data is important.

The underlying challenge that businesses face today is understanding and using their data in
such a way that impacts their business and ultimately their bottom line. You need to be able to
look at the data and facilitate trusted business decisions. Then, you need the ability to look at
metrics and clearly understand the meaning behind those metrics.

This requirement might seem daunting, but it's a task that you can accomplish. Your first step
is to partner with data experts within your organization, such as data engineers and data
scientists, to help get the data that you need to tell that story. Ask these experts to participate
in that data journey with you.

Your journey of telling a story with data also ties into building that data culture within your
organization. While telling the story is important, where that story is told is also crucial,
ensuring that the story is told to the right people. Also, make sure that people can discover the
story, that they know where to find it, and that it is part of the regular interactions.

Data analysis exists to help overcome these challenges and pain points, ultimately assisting
businesses in finding insights and uncovering hidden value in troves of data through
storytelling. As you read on, you will learn how to use and apply analytical skills to go beyond
a single report and help impact and influence your organization by telling stories with data
and driving that data culture.

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