Satinder Singh Madhok

Advantages of data analysis

In the recent world of growing technology and trends, something which has evolved enormously is the field of data and analytics. Data is termed as the new fuel which has the ability to drive the whole world. You can imagine data analysis very relatable to your real life. It is somehow similar to making decisions on a particular subject. 

Whenever there is a time in your life when you have to make a new decision, what do you do? You try to think of all the possible and relatable scenario of your past, analyse the results and then come to a conclusion of what you should do. When you already know from your past experience that what things will lead to what, you can make a good decision.

Data analysis also deals in the similar fashion. It is collecting the raw facts and figures along with all the useful information which are relative about a subject and then using different tools and algorithms to make a proper analysis based on that. 

Now the question arises why data analysis is so important and what are its advantages? If you see in the perspective of a business firm, data analysis plays an extremely important role to make more informed and better decisions. With the help of data analysis, a large record of data can be processed all together for last many years. 

Drawing the conclusion based on that the entire strategy and planning for the new term can be devised for more profit of the organisation.

Data analysis also helps in a great deal to establish good customer relationship by understanding their requirements in a better way. It helps to mitigate the losses occurred due to any less productive decisions taken in the past and derive great ways of solving issues. 

Also if there is a sudden change in the market conditions, it allows the business to adjust and hold the flexibility within itself so that it is not impacted in a negative way. Apart from the field of business, data analysis has been a boon for various respective domains like medical science for analysis of various diseases, drawing patterns and yielding better results.

Data analysis provides its features to devise preventive measures and awareness about any kind of possible risk scenarios. It helps to safeguard the future in a great way. There is a lot of data flowing over the web and it is of no use if we can not use it for some good purpose. 

A small example of how data is made into a productive use can be understood through the shopping websites. You would have noticed that if you even search for a dress over some shopping website, you will keep getting numerous suggestions of related articles every time you are surfing over the net.

This is possible only because these websites have algorithms working in the background to keep a record of the pages you visit and showcase your interest.

Therefore, in short you can understand that data analysis is very useful in today’s life in multiple fields and domains because there is no definite way to predict future but with the tool of analytics, we can find a mid way to solve various problems, explore different new options and make better decisions for ensuring the overall growth.