Take Control on Your Business with Data analytics

by Philip Nielson on 25. november 2013

nuxe-maximStarting up a business like maxim or Nuxe can be a little confusing for many and requires a lot of planning before you just jump into it. Without the proper analytics research you are not likely to get very far with your new business and it’s one of the main reasons why data information and analytics are so important a part of starting a business as they discovered at maxim and nuxe when they first started. A process of searching for information is called data analysis. Data analytics can be used to understand, predict or to support the courses of action which is taken by businesses. Large information of a particular business is relevant for future analysis. Some businesses simply neglect the information they have because they don’t know how it turned to be useful. Here are the parts of the science of data analytics such as:

• Getting information as it is
• Studying to draw particular conclusion
• Using it as a simple basis for decision making in the business world

Data analytics is one method under data analysis. It is divided into several general parts like:

• Qualitative data analysis(QDA)
• Confirmatory data analysis(CDA)
• Explanatory data analysis

Confirmatory data analysis is known as the statistical hypothesis testing which is used to have such decisions based on the results of experiments. CDA can be a helpful method that you can apply in arriving any decision from the outcome of the experiments you have done. CDA tests a present theory or statistic and either creates it important or even unimportant. If we look at maxim they started selling their products without having done any market research and soon found that nobody was interesting in their initial products.. Luckily they did actually manage to do some advanced data analytics and chance their products enough to make them very popular. The same goes for Nuxe who also had the initial problems of not knowing exactly what their customers wanted and where to sell their products. They also managed to turn everything around after using some of the data stored in their ERP system.

Explanatory data analysis is in contrast with Confirmatory data analysis. EDA has the approach which is descriptive – with not biases. Explanatory data analysis derives a hypothesis or theory unlike the confirmatory data analysis based on what is found within the research. Any research conducted for the purpose of data analysis will surely be relevant. Data analytics would be the best tool that would make the whole analysis successful. The process of analyzing the information will be done in a right way with data analytics as they did at maxim. Starting from simple data up to the large amount of data, both are applicable and useful in controlling the business. The queries to be answered normally arise from the data being gathered unlike confirmatory data analysis where there are set of questions ready for specific answers.

Qualitative data analysis (QDA) is a kind of data analyzing process from various aspects, angles perspectives or focuses. For example, two people may look at the same material but they have totally different thoughts in it. This kind of concept can be applied to QDA. How the data being inferred will also depend on the purpose. QDA focuses on info that can’t be contained in numbers but in what can be taken from videos, behaviors, images, and so on. Businesses should be aware that they can use different business tools. There are various business tools and techniques that are available and being offered in the market. Therefore, being careful on the kind of tool that you are going to acquire is needed. Data analytics can be one of the best and effective data analyzing process that you might apply into your business. Data analytics have proven on how it becomes beneficial when being used in a particular company today. Data analytics can be your ideal business tool in current business today. So do like Nuxe and Maxim and start utilizing the power of data analytics and take control on your business from today. Read the case stories over at med24.dk and see how they used information to boost their business.

Sources:

Previous post:

Next post: