How Data Analysis Done
Business competition is fiercer than ever, especially in the digital space. The only way to differentiate your business is by adding value through data analysis to better understand customers and adapt strategy for rapid success.
We operate our data-led strategy consulting services globally and deliver our data science, engineering and analytics through the highest quality data talent, borderless data services and best in class global thinking.
Big data brings big responsibility. Without a great internal culture and attitude it would be nearly impossible to take on this responsibility in a sustainable way. We value the privacy of our customer’s data
6 major steps of Data Analysis
We follow Descriptive analysis, Diagnostic analysis, Predictive analysis, Prescriptive analysis (whichever suits the project best) to analyze the data best.
How It Works
Research
The Discipline of Business Analytics engages in all aspects of data analysis, making forecasts and building models to enable better management decisions – vital assets to every business area.
Concept
Specifically, business analytics refers to: Taking in and processing historical business data. Analyzing that data to identify trends, patterns, and root causes. Making data-driven business decisions based on those insights.
Purpose
Business analytics is a methodology or tool to make a sound commercial decision. Hence it impacts functioning of the whole organization. Therefore, business analytics can help improve profitability of the business, increase market share and revenue and provide better return to a shareholder.
Most Useful Data Analysis Methods and Techniques
- Why is data analysis important? Analyzing data effectively helps organizations make business decisions.
- How you analyze your data depends on the type of data you’re dealing with—quantitative or qualitative. So what’s the difference?
- Choose the right analysis techniques from Regression Analysis, Monte Carlo Simulation, Factor Analysis, Cohort Analysis, Cluster Analysis, Time Series Analysis, Sentiment Analysis etc.
- The Data Analysis Process: In order to gain meaningful insights from data, data analysts will perform a rigorous step-by-step process.
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Locus helped us in understanding the data we gather at our business operations and built the data warehouse to generate effective and business friendly dashboards. Thank you team Locus
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Collating the data from various sources (Bloomberg, Reuters, Core Banking System, CRM, etc) and analysing them to make right decisions was really a challenging task. Locus IT's team of experts really helped us to achieve what we wanted to.
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