The Assessment TaskAfter the internship in an organisation, you have been asked to submit areport covering the below aspects to evaluate the training you have received.This should be prepared as a...

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Answered Same DayOct 28, 2022

Answer To: The Assessment TaskAfter the internship in an organisation, you have been asked to submit areport...

Shubham answered on Oct 29 2022
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BUSINESS ANALYTICS
Table of Contents
Introduction    2
Data Analysis    2
Different types of data    3
Analysis of trend to identify use of different data    4
Importance of data analysis in competitive environment    4
Conclusion    5
References    6
Introduction
Data analysis is important because it can help the business in optimizing the perfo
rmance. It includes implementation of the business model that can help in reducing the cost by identifying the efficient way for ensuring enhancement of the business process. It is the efficient way for storing large amounts of data. Data analytics can be used for making better decisions and helps in analyzing customer trends and satisfaction that can lead to better services and products.
Data Analysis
Data analysis is the practice working with the data for getting useful information for making informed decisions. It is important for analysis of large amounts of data and it is considered as an efficient and effective process for harnessing the value of the data. Different organizations and groups have different ways for approaching data analysis. The process includes changing, cleaning and processing the raw data and extracting actionable and relevant information that can help the business in taking informed decisions (Jain et al. 2020). The procedures can help in reducing the risk that is inherent in making decisions by providing useful statistics and insights. It plays a crucial role in processing big data into useful information.
Data analysis has a major role in better customer targeting and it saves time, money and resources of the business. It can help the company focus on advertising efforts. The process can help in tracking campaigns and products that are performing in the target demographics. The data analysis can provide businesses with better ideas for identifying spending habits, areas of interest and disposable income. It helps the business in setting the price and determining the length of the campaign. Data analysis can help in showing the area in the business of making successful decisions based on information.
Informed decisions are important for making successful decisions. Data analysis is required for providing the business with the information and it provides a progressive lead and helps the business in making right choices. Informed decisions require accurate data and data analysis helps the business in acquiring relevant, accurate and suitable information for the development of future marketing strategy and business planning. The process includes collection of data from sources. Sources may include survey, interview, case study and direct observation for ensuring that collected data are organized for analysis. Data cleaning is the process that is used for removing white space, basic errors and duplicate records present in the data. Analysis of data is done with the use of tools for understanding the data and arriving at the conclusion.
Different types of data
Transactional Data
This is the type of data that can help in describing the core of the business. It includes the data of selling and purchasing activities. In the basic organizational operation, the data related to activities of employees can be classified as the transactional data. It is the kind of data that has huge volume in comparison with the other types and data can be stored, maintained...
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