Data analysis is vital for business, as it is used to inform everything from your marketing campaigns to the customer UX. One type of data analysis is quantitative data analysis, which features a number of forms to help you understand the figures.
Data collection
While you will likely have large amounts of data, such as profits and expenses and sales numbers, to optimise your data analysis, you will need to look at the bigger picture with additional data from external sources. A data analysis company like //shepper.com can help with both the collection and analysis of the data you need to inform your business decisions.
Three methods for quantitative data analysis
Quantitative data provides information on your business in numbers. Using it can provide information on what product or employee is your best performer and where there are areas in need of improvement.
Cluster analysis is also known as taxonomy analysis and segmentation analysis. This form of analysis looks for structures within a dataset. It helps you find patterns and can help you understand the context of a particular trend.
Regression analysis shows how one thing in business can influence another. There are a lot of variables in business, and it can be hard to identify what is causing sales to increase or decrease. By using regression analysis, you can identify what the influences are, helping you make more accurate predictions for the future.
The Monte Carlo Simulation looks at uncertainties and analyses the possible outcomes. This allows the business to be better prepared for challenges or to take advantage of beneficial circumstances.
