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Data Analytics

Data Analysis is an approach from the field of statistics. It allows you, thanks to analysis tools, to make links between different statistical data. You can then classify them, process the data, and make sense of them for your company. This allows you to add value to the data and is very useful to help you make decisions. However, given the large volumes of raw data involved, it is essential to have the right methods and tools for a convincing interpretation of the results.

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About Data Analytics

What are the types of data analysis?

There are four main types of data analysis:

- Predictive analysis

- Prescriptive analysis

- Diagnostic analysis

- And descriptive analysis


Predictive analysis

This first category allows a company to detect trends or correlations. Without predictive modeling of the data collected, these correlations remain unnoticed.


In the context of advertising campaigns, predictive analysis or statistical analysis is ideal for determining various correlations. For example, it is possible to identify a correlation between a conversion rate on the one hand and a specific area of interest or a specific geographical area.


Prescriptive analysis

This second type of analysis will allow you to make the right choices. In other words, it is decision support. By drawing on a large volume of data from different data sources, advanced analysis allows, via Machine Learning, to answer questions asked by decision-makers.


A well conducted prescriptive analysis is then relevant to decide on the best action to take. It is therefore of real strategic importance.


Diagnostic analysis

Statistical analyses are, in the case of diagnostic analysis, generally used a posteriori. By using appropriate data analysis tools, the understanding of the information allows you to identify the causes of an event.


Through quantitative and qualitative data analysis, diagnostic analysis can be used to detect a problem before it occurs or to understand the data in a report.


Descriptive analysis

Finally, descriptive analysis is perfect for producing comprehensive, qualitative reports as part of a business intelligence approach. Analyzing statistical data and displaying it in dashboards makes it easier to make decisions on specific issues.


This type of analysis is used for marketing reports. They allow, for example, to better identify an audience on social networks or any web platform.

What is the best tool for data analysis?

A reputable data analytics software is an essential requirement for the success of your data-driven strategy. It should enable qualitative data collection, analysis, and visualization. This way, you will be able to leverage the data and reap the full benefits of such an approach.


Sisense

To get started with data analysis efficiently, Sisense is a very good choice. This visualization and analysis tool allows you to collect and exploit data easily. One of its assets is the integration possibility that the tool offers. Indeed, you can link data from different platforms such as Microsoft Excel, Gmail, Salesforce, or Dropbox. Customization is also possible thanks to numerous and qualitative APIs. This allows you to integrate data analysis into all your workflows to improve your performance at every step. You’ll be able to deliver better customer experiences, and more successful, relevant products or services.


Tableau 

Tableau is a leading data analysis and business intelligence tool. It offers highly accurate data exploration and visualization. Its ease of use is ideal for quickly integrating its use within teams. In addition, it has numerous integrations and allows you to connect multiple data sources in a few clicks, including Microsoft Excel, Microsoft SQL, Oracle, Salesforce, and Google Analytics. All this data is then evaluated and presented in pleasant dashboards. Moreover, no special technical knowledge is required to take full advantage of this online platform. For all these reasons, we recommend this data analysis tool without hesitation.


MyReport

Mainly intended for SMEs and ETIs, MyReport is a remarkable solution to benefit from data analysis in the best conditions. This Business Intelligence tool allows you to centralize, analyze, and share data with your collaborators. This allows you to make more relevant decisions based on objective data. You can connect your data from an ERP, an accounting software, or a CRM. Then, you have access to a fine analysis of the data that facilitates decision-making based on the KPIs that you yourself have set. Finally, the data is rendered in your complete, pleasant, and customizable dashboards. This way, information will be transmitted quickly between the different teams and you will be able to improve their efficiency.

How can startups use their analysis to their advantage?

Statistical tools are essential for all types of businesses, as data and its exploitation are nowadays a must. Startups are no exception. The exploitation and visualization of data is indeed a source of many benefits for a startup.


Data analysis allows you to:

- Identify your target audience

- Better understand your customer needs

- Design better products or services

- Make more informed decisions

- Improve the profitability of the company


In other words, the process of data analysis allows you to bring together disorganized data to make sense of it. This allows you to better understand your environment and naturally make better decisions.


You will know how to adapt your product to the needs of the market and the requirements of the customers. This clientele will also be segmented in a fine way. You will then be able to reach your targets more efficiently through adapted marketing campaigns and increase the conversion and engagement rate.


However, in order to reach these ambitious goals, it is very important to acquire powerful statistical software. This way, your employees will be able to analyze the collected data accurately and turn it into a competitive advantage.