Data Analytcis

Name: Kirtan Soni

Enrollment No: 12202040501032
Batch: 1B04
Department: Computer Engineering
1. Step one: Defining the question

 The first step in the data analysis process is to define

the objectives and formulate clear, specific questions
that your analysis aims to answer. This step is crucial
as it sets the direction for the entire process. It
involves understanding the problem or situation at
hand, identifying the data needed to address it, and
defining the metrics or indicators to measure the
outcomes.
2. Step two: Collecting the data
 Once the objectives and questions are defined, the
next step is to collect the relevant data. This can be
done through various methods such as surveys,
interviews, observations, or extracting from existing
databases.
 All data fit into one of three categories:
1)First-party
2)Second-party
3)Third-party data
 First-Party
First-party data is the information you collect directly from your audience or
customers.

Ex: Customer email- Phone number- Purchase history- Support history- Loyalty
program info

Second-Party
The data that is collected and sold is called second-party data.

Ex:include website, app or social media activity, like online purchase

histories, or shipping data.
 Third-Party
Data that is collected from outside sources is called third-party data.

Ex: Income – Age- Education- Websites visited- Survey responses

3. Step three: Cleaning the data
 Removing major errors, duplicates, and outliers
—all of which are inevitable problems when
aggregating data from numerous sources.
 Removing unwanted data points—extracting
irrelevant observations that have no bearing on your
intended analysis.
 Bringing structure to your data—general
‘housekeeping’, i.e. fixing typos or layout issues,
which will help you map and manipulate your data
more easily.
 Filling in major gaps—as you’re tidying up, you
might notice that important data are missing. Once
you’ve identified gaps, you can go about filling them.
4. Step four: Analyzing the
data
1)Descriptive analysis
 Descriptive analysis, as the name suggests, describes
or summarizes raw data and makes it interpretable. It
involves analyzing historical data to understand what
has happened in the past.
 This type of analysis is used to identify patterns and
trends over time.
 For example, a business might use descriptive
analysis to understand the average monthly sales for
the past year.
2)Diagnositc analysis
 Diagnostic analysis , goes a step further than
descriptive analysis by determining why something
happened. It involves more detailed data exploration
and comparing different data sets to understand the
cause of a particular outcome.

 For instance, if a company's sales dropped in a

particular month, diagnostic analysis could be used to
find out why.
3)Predictive analysis
 Predictive analysis , uses statistical models and
forecasting techniques to understand the future. It
involves using data from the past to predict what
could happen in the future. This type of analysis is
often used in risk assessment, marketing, and sales
forecasting.

 For example, a company might use predictive analysis

to forecast the next quarter's sales based on historical
4)Prescriptive analysis
 Prescriptive analysis is the most advanced type of
data analysis. It not only predicts future outcomes but
also suggests actions to benefit from these
predictions. It uses sophisticated tools and
technologies like machine learning and artificial
intelligence to recommend decisions.

 For example, a prescriptive analysis might suggest

the best marketing strategies to increase future sales.
5. Step five : Visualize And Sharing
 your results
The fifth step is visualizing the data. Nothing is more
compelling than a visualization. The data now transformed
has to be made into a visual (chart, graph).
 Tableau and Looker are the two popular tools used for
compelling data visualizations.
 Tableau's drag-and-drop simplicity and Looker's direct
database connection make them popular for data
visualization among analysts.

 R and Python have some packages that provide

beautiful data visualizations. R and Python offer
additional options with packages like ggplot for creating
aesthetically pleasing visualizations.
• Walmart, a global retail giant, operates over
11,500 stores across 27 countries, with
extensive e-commerce presence.
• It collects 2.5 petabytes of data hourly from 1
million customers, analyzing over 100 million
social media keywords per day. yes ,you read
that right. Now to make sense of all this
information, Walmart has created ‘Data Café’ –
a state-of-the-art analytics hub.
• Leveraging its 'Data Café' analytics hub,
Walmart processes 40 petabytes of recent
transactional data alongside 200 streams of
internal and external data.
• Utilizing Python, SAS, and NoSQL databases,
Benefits of data analytics for
your business
1. Improved decision-making
Data analytics equips businesses with essential insights, allowing them to make
well-informed, data-driven decisions quickly and confidently, reducing the risk of
poor choices that can negatively impact their operations.

2. Increased efficiency
By analyzing operational data, businesses can identify inefficiencies and streamline
their processes. This reduces costs, improves productivity, and enhances overall
organizational performance, leading to higher profitability.

3. Better customer experience

Data analytics helps businesses understand and predict customer behavior.
Companies can tailor and personalize their offerings by analyzing customer data,
resulting in improved customer engagement, satisfaction, and loyalty.

4. Competitive advantage
Leveraging data analytics enables businesses to optimize their operations and
identify growth opportunities, giving them a competitive edge in the market. By
staying ahead of trends and continually refining strategies based on data insights,
companies can outperform their competitors and maintain long-term success.
Real-Life examples: Businesses thriving
with data analytics

1. Netflix
Netflix uses data analytics to personalize user recommendations, analyzing their
viewing behavior and preferences to suggest movies and TV shows they are likely
to enjoy.
2. Amazon
Amazon uses data analytics to optimize its supply chain, predicting demand and
adjusting inventory levels accordingly.
3. Uber
Uber uses data analytics to optimize its pricing strategy, analyzing demand and
supply data to adjust prices in real time.
4. Capital One
Capital One uses data analytics to personalize credit card offers for its customers,
analyzing their spending behavior and credit history to make tailored offers.
Conclusion

In simpler terms, collecting and analyzing data allows

us to understand things better. This helps
organizations make informed decisions based on
evidence, rather than just guesses. Data-driven
insights, effectively communicated, play a pivotal role
in addressing business challenges and fostering
continual improvement across various domains.
Reference’s
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● [Link]
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Next Sessions:

Data Warehouses
Thanks!
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