Data Driven Decisions for Business - Importance of Data Analysis

Data Driven Decisions For
Business

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Key changes and trends that are leading to the increased importance of data analysis...............3
Analysis of data...........................................................................................................................4
Justification for analytical approach that will be used for business analysis..............................7
CONCLUSION................................................................................................................................8
Conclusion...................................................................................................................................8
Recommendation.........................................................................................................................9
REFERENCES................................................................................................................................1

INTRODUCTION
This report will explain about the key changes for the trends which are to be leading with
increasing many importance for the data analysis. Along with this analytical approaches which
could be used by the business to handling about their customer. Furthermore, examine about the
data and analysis about the summative data with having the various concepts and highlights more
about the key points.
MAIN BODY
Key changes and trends that are leading to the increased importance of data analysis
There are number of changes happening that is affecting overall performance of business
and for adapting that changes as well as working as per the changing needs or changing factors,
it has become important for businesses to analyse data related to sales, resources and others.
Some key trends that are leading to increasing importance of data analysis include:
democratization, user experience, automation, accessibility and others. Some key trends include:
Augmented data management: The volume as well as diversity of data being generated
everyday is growing at a rapid place. It is estimated that around 2.3 trillion GB of data are
created by businesses each day (Keum and Giovannucci, 2019). This increasing rate of data man
affects quality if they are not managed in an effective manner. So, businesses are investing in
some techniques and tools that can manage data to the large extent in an easy manner and
augmented data management is one of the main trends of data management.
Explainable AI: It refers the set of capabilities that describe a model and helps in
highlighting its both strengths as well as weaknesses. It helps businesses in predicting likely
behaviour of model related to data and identifying errors. By making use of effective tools and
on the basis of this trend, companies can build corporate trust with global regulatory bodies
(Long and Ehrenfeld, 2020).
Data analysis plays a vital role as it helps businesses to understand problems that they are
facing along with reasons and as per the analysis; they can make changes in their internal
policies and can accomplish goals. Data analysis organises, presents and interprets data into
useful information that provide context for the data. Some reasons of analysing data include:
Operational efficiency: Data analysis makes companies able to improve their productivity
and efficiency. It increases benefit levels because businesses makes changes in strategies and

improve its performance on the basis of data analysis (Demir, 2017). It helps companies in
identifying possible issues, avoiding the waiting period and take actions on them accordingly.
Product development: An effective data analysis offers estimation as well as exploration
capability for information. It allows employers in understanding market’s current process and
along with this it offers a solid base to them by which they can forecast future results. Overall, it
can be said that data analysis with effective analytical tool helps companies to comprehend the
current business situation and changing processor that cause the need for new product creation. It
can increase sales and performance of business (Bendová, Čanji, Wagner and Bogdanov, 2019).
Analysis of data
This analysis will show sales value of bracelet and other ornaments of wood from the trees.
It will help out in knowing as in which ornament, this company should focus the more and how it
can grab attention of customers and can increase sales (Braun and Clarke, 2019). With the help
of thematic data analysis tool, data of WTS has analysed. Some steps have followed for analysis
data as by collecting data of specific year and specific ornament, data of this company is being
analysed.
Figure 1: Sales volume of Bracelet
Data analysis: On the basis of above data, it can clearly be said that in 2018 there were different
sales value in each month. There were increments in each month in salves value of bracelet. In