Data Analysis: A necessity or a luxury?
The most vital part of any start-up process is data analysis. Leading edge start-ups in every sector are using analytics to replace guess work in their decision making. Let us find out if data analysis is a necessity or really, a luxury?
Data analysis basically works on the process of analysis of the past experiences, that is the data is collected and used to predict future results. Using statistics and math, information regarding the target market, this data is analysed for the scalability of the company. It is a scientific process of transforming data into insights for better economic results. Data analysis gives us an exact estimate of how the results the company might get using some particular strategy, with the help of math and statistics. This is a very good alternative for the trial and error method, as data analysis gives us exactly what the results might be without having any effect on it. As a result, it becomes extremely important to collect enormous data sets to discover new patterns and insights.
It is of immense importance in start-up to understand problems faced by the organisation and to explore data in meaningful ways. Data analysis organises, interprets, structures and presents the data into useful information that provides context for data. The context can then be used by decision-makers to act with the aim of enhancing productivity and business gain.
Organisational goal, increase in profit, improvement in efficiency can be achieved to drive the company forward through data analysis. Hi-Tech BPO is helping other companies which assists its clients in making competitive strategies through the data extracted through various sources which is then processed to yield futuristic scenarios. This helps client companies to stream to streamline their business processes thereby eliminating the overheads of costs and time.
For example, the company 'Turning Analytics’ use machine learning to provide business solutions. Having a number of intellectuals, they have big data analytics solutions for clients like ShopClues, Tata, Kimberley and many more.
How to Implement?
- Understand the start-up directions and objectives
- Explore the meaning behind numbers and figures in data
- Analyse the cause of certain events based on data findings
- Present technical insights
- Contribute to decision making by offering educated opinions
Thus, as we see how important data analysis is. This has proven to be a necessity for a start-up rather than luxury. Forecasting results minimises the chances of failure the start-up might have to face. International companies too have adapted data analysis on a major scale.