How do you quickly analyze data with precision?
Analyzing data quickly and accurately is a valuable skill in any field or industry. Data can help you make informed decisions, solve problems, identify opportunities, and communicate your findings. But how do you go from raw data to meaningful insights in a short time? Here are some tips and best practices to help you improve your analytical skills and speed up your data analysis process.
Before you dive into the data, you need to have a clear idea of what you want to achieve with your analysis. What is the question you want to answer, the problem you want to solve, or the hypothesis you want to test? Having a specific and measurable goal will help you focus your analysis and avoid getting distracted by irrelevant or unnecessary data. Write down your goal and the criteria you will use to evaluate your results.
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It is key to engage with stakeholders to fully understand the problem and question they need to solve and the reason why. Context is key here to ensuring you can focus on what matters and avoid the noise. Don’t be afraid to check back in with further questions, this will avoid delays and keep you on the right track.
Depending on the type and size of your data, you may need different tools and methods to analyze it. For example, you may use spreadsheets, databases, statistical software, or programming languages to store, manipulate, and visualize your data. Choose the tools that are appropriate for your data and your goal, and that you are familiar and comfortable with. If you need to learn a new tool, make sure you have enough time and resources to do so.
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If you are analyzing many product lines, a spreadsheet will be most efficient. I have found this helpful especially in IT related purchases like HPE 3PAR that have numerous SKUs. Also, if you are analyzing across various worksheets, pivot tables really come in handy
One of the most important and time-consuming steps in data analysis is cleaning and organizing your data. This means checking for errors, inconsistencies, missing values, duplicates, outliers, and other issues that may affect the quality and validity of your data. You also need to organize your data in a way that makes sense for your analysis, such as grouping, sorting, filtering, or aggregating it. Use the tools and techniques that suit your data and your goal, and document your steps and decisions.
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For cleaning and organizing the data, it is first important to clearly understand the various attributes of data. In that, all parameters included in the data dump will need to be analyzed and understood. Once done, it is then important to understand the interdependencies of these parameters and their relationships with each other. Without this, one may end up spending more time in data cleansing to arrive at the desired results; results for which a quicker method of data cleansing could have been adopted by utilizing the ignored data interdependencies.
Once you have clean and organized data, you can start exploring and visualizing it to find patterns, trends, relationships, and anomalies. Exploratory data analysis (EDA) is a process of using descriptive statistics and graphical methods to summarize and understand your data. Visualization is a powerful way to communicate your data and insights, using charts, graphs, maps, or dashboards. Use the tools and techniques that suit your data and your goal, and experiment with different options and perspectives.
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Indeed, visualization is powerful, but choose the visuals to balance between ease of interpretation and technical mastery. For audiences new to data analysis, keep visuals simple -- like the typical bar and line graphs. Sophisticated audiences can appreciate a complex diagram like network graphs, as long as one can break down the specific qualities that explain a phenomenon. In all cases, it is better to overcommunicate and signpost heavily. Slide decks should have one-liners with a soundbite-able takeaway, sometimes even a call to action. If you opt for a dashboard, every element must be tied to an action that someone can take and follow up on. Whatever you do, make sure the visualization tells a story and fulfills the purpose at hand.
After you have explored and visualized your data, you can apply analytical techniques to answer your question, solve your problem, or test your hypothesis. Analytical techniques are methods or models that help you interpret, explain, predict, or optimize your data. For example, you may use regression, correlation, clustering, classification, or optimization techniques to analyze your data. Use the tools and techniques that suit your data and your goal, and validate your assumptions and results.
The final step in data analysis is communicating your findings to your audience, whether it is your boss, your client, or your team. You need to present your data and insights in a clear, concise, and compelling way, using words, numbers, and visuals. You also need to explain your goal, your process, your results, and your recommendations, and provide evidence and reasoning for your conclusions. Use the tools and techniques that suit your audience and your purpose, and anticipate and address their questions and feedback.
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Framing your findings in a narrative, you engage your audience and make your insights more memorable and actionable. Remember that people often respond more to stories than to dry statistics. Transparency is vital when communicating findings. You must explain not just what you found but how you arrived at those conclusions. Present the methodology you used, the data sources, and any assumptions or limitations. This helps build trust in your analysis.
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Deep diving into data to find "something" is a dangerous proposition. The process is so intriguing, it takes you anywhere but the end results. 1. The clarity of requirement at the end or what's being checked or analysed is extremely important 2. It's best if you get someone to crunch the data into a cut generating output, then it makes you ruthless to thrash the outputs to understand whats happening. Starting from the scratch kind of make you self sympathetic and restricts the openness of mind. 3. Converting the analysis and thinking of how you would explain to a lay man really gets the best result out. Otherwise we talk in jargons forgetting what it really implies.
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Consider ethical implications. Be mindful of how your findings might impact individuals or groups. Ensure that your communication doesn't harm or discriminate against anyone. Keep it within the policy and initial objective of your data analysis.
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