22 February 2018
Dr. W. Edwards Deming is quoted as saying not so long ago: “In God we trust. All others must bring data.”.
Our present-day business world is proof of that. Data, for business management, is as essential as air.
There are many different skills involved in the whole process. Therefore, it is recommended that every entreprise build its own in-house data team. It should include people with advanced degrees in statistics, graduates of data analytics courses, programmers, etc. The advantage of this move is that the team members will be familiar with the business.
Before there is any data, it is very important to determine the objectives of this endeavour. In addition, it is of the utmost importance to know your business / company. It will help set the goal and make sure that the effort has not been in vain.
The more the merrier. At this stage it is recommended to search and collect as much data as possible, from the most diverse sources available. Only thus can you be sure to find better correlations and insights for building more accurate data models.
The first step in data analytics is to improve data quality. This is the most crucial part of productive data analysis, because junk and nonsensical data could create misleading conclusions.. Starting with correcting typographical errors and spelling mistakes, to handling missing data and expunging meaningless and irrelevant information, cleansing the data is a first step towards validating the data.
Modern businesses have to make decisions faster today than ever before, because the market is dynamic and constantly changing. Data modeling will serve as a blueprint of the company’s structure as well as providing a better idea as to its direction. Data models help to make business recommendations. This is where the expertise of the data scientists and data analysts becomes critical; this is where the skills become important. One of the most popular ways to present data is Data Visualization. (More on that later).
Big Data has come a long way since its inception. It has immense potential on one hand, and presents technological and organizational challenges on the other. Its sheer size is daunting, and at present one of the best ways to handle and process it is through team effort. Data analytics training looks to be a general requirement for job applications. This is one reason why data analytics training courses are so popular.
It's important to understand that Power is no longer knowledge, but data analysis. Having the data is not enough. It's critical to have a team that can make sense of it. JBI offers onsite python for data analysis courses for your organisation to help you and your business grow.
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