The Three Stages of Data Analysis

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THE THREE STAGES OF
DATA ANALYSIS
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STAGES
01
DATA
INFORMATION 02
03
KNOWLEDGE
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ABOUT US
The business environment is more competitive
than ever, particularly online. Adding value
through data analysis to better understand
customers and change strategy for quick success
is the only way to differentiate your
organization. This article discusses the three
data analysis phases essential for company
success.
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RAW DATA
Any intriguing and important information to your
organization is considered raw data. For
instance, raw data could be a sales report from
a freshly released product or a list every time a
product has been mentioned in forums, social
media, or online reviews. Raw data used to be
mostly kept in a company's data warehouse.
Still, this approach is no longer the best
because it ignores external information (forums,
social media, or PR) and restricts your business
to internal resources.
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INFORMATION

• It's time to analyze the raw data after you have
  it at home. You do this by sorting out the
  important information that will affect your
  company from the rest. But hold off on making any
  choices just yet you're not done yet. We claim
  that this step transforms raw data into
  information because it enriches the data by
  interpreting, classifying, computing, correcting,
  and simplifying it. Using the previous example
  as a guide, we can now divide all of the social
  network comments into categories like "neutral,"
  "positive," and "negative," as well as order them
  all according to the area.

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KNOWLEDGE
Knowledge, the final stage of data analysis,
renders the information acquired understandable.
More difficult activities, such as comparing
different pieces and finding connections and
patterns between them, are part of this phase.
You prepare the data here so that you may start
making decisions. Continuing with our example, we
can aggregate all of the sales data and local
social network user comments in this phase and
examine the success of every region. We can now
pinpoint important problems like the proportion
of critical comments in California or an
exceptionally low number of critical comments in
Florida. Because of this, the decision-makers
will learn when we share this information with
them that we have a local competition in
California, so we should develop a special
strategy there. Because we didn't do enough
marketing in Florida, many people are unaware of
our product.
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THANK YOU
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