If the old saying that “time is money” is true, then your business has no time to waste. Business owners across all industries need to constantly be looking for ways to sacorrupted datave time and resources. Data Analysts are part of the answer. Over time, this can help improve the efficiency and effectiveness of your business practices and processes.
In this blog, we’re looking at data analysts, how this position has rapidly grown in recent years, and how these specialized employees can not only help you make smarter business decisions, but also save you significantly on time and resources. Big data can quickly overwhelm even the sharpest business owner. Data analysts can help you access and understand data to leverage this powerful tool and grow your business.
Fully Accountable is dedicated to serving the financial needs of ecommerce and tech companies across the United States and Canada. No matter your industry, our digital accountants and fractional CFOs will surpass basic bookkeeping tasks and help you uncover insight to increase the growth of your business. We have the tools and experience to help you take advantage of big data, allowing you to make the right business decisions.
WHAT IS DATA ANALYTICS?
Before we dive into the position of data analyst, it’s helpful to first take a step back and consider the field of data analytics. According to BMC, data analytics is simply the “broad field of using data and tools to make business decisions.” Data comes in a practically endless variety of forms, including sales, conversion rates, web traffic, customer reviews, or even “likes” on social media posts. Data analytics works to help you assess, organize, and ultimately understand what all this data really means for you and your business.
Primarily, there are four different types of data analytics: descriptive, diagnostic, predictive, and prescriptive analytics.
Here’s a brief breakdown of each type of data analytics:
· Descriptive analytics: describing and examining past events. Whether its sales metrics, web traffic, or understanding your cash conversion cycle, descriptive analytics can help your business identify trends and patterns.
· Diagnostic analytics: this level of analytics works to understand the “why” behind trends, patterns, and events. By understanding the cause, you can learn what to avoid or what to focus on for future decisions.
· Predictive analytics: building on descriptive and diagnostic analytics, predictive analytics attempts to determine future outcomes by leveraging what has previously happened and why those events occurred. This type of analytics can help your business make projections and more strategic plans.
· Prescriptive analytics: this final type of analytics focuses on identifying what your business should do in a given situation. Prescriptive analytics is action driven and often incorporates advanced analytics and even AI and machine learning.
WHAT IS A DATA ANALYST?
Data analysts are quickly becoming a vital role in businesses of all sizes–for good reason. Data is a powerful tool that can help you understand past events and make smarter decisions for your future business strategy. But all the data in the world won’t do you much good if you don’t have employees who can make sense of it all. This is exactly where a skilled and experienced data analyst comes into play.
A data analyst is a professional who uses data analytics to transform raw data into meaningful information. Data, for the most part, comes in messy and unorganized. One of the most important tasks of a data analyst is to “clean” the data by organizing the raw data into understandable data sets.
For example, let’s say your business is trying to measure the effectiveness of a social media campaign. How do you plan on measuring and quantifying the success or failure of your campaign? Is it just the number of likes? Shares? Views? Does it make a difference who likes your posts and shares them? A data analyst can organize all your data surrounding your campaign and help you identify key metrics and data sets to then be able to assess the success or failure of your venture.
WHAT CAN A DATA ANALYST DO FOR YOUR BUSINESS?
No matter your industry, your business could benefit from the skill set of an experienced data analyst. As previously stated, one of the key responsibilities for a data analyst is cleaning and organizing your raw data into clear data sets. This is the first step to helping you leverage the power of big data. However, in addition to cleaning raw data, data analysts perform many other tasks and roles.
Here’s a closer look at what a data analyst can do for your business:
· Clean and organize raw data into data sets.
· Use computerized models to extract data.
· Remove corrupted data.
· Perform analysis to assess data quality.
· Prepare reports on data analytics.
Essentially, data analysts work to make data usable for your business. Raw data is messy, complicated, and in its raw form, not very helpful. A data analyst helps you access, understand, and then use data for the improvement of your business.
5 WAYS THAT DATA ANALYSTS SAVE TIME
While data analysts provide a myriad of benefits for your business, one of the most valuable is how a professional in this role position can save you both time and resources. But how exactly do they do this? Here’s a look at 5 of the most effective ways that a data analyst can save your business time.
1. Cleaning data: raw data is complex and messy and takes a significant amount of time to comb through and assess. By cleaning your raw data and organizing it into data sets, you’ll be able to work with this information and actually make use of it. While cleaning data is never easy, data analysts have the tools and experience to expedite the cleaning process.
2. Reporting on data analytics: even with a clean data set, it can be a challenge to know what to look for with big data. A data analyst can perform reporting tasks that not only keep you updated on your data analytics, but also help you design these reports so that you’re focusing on the most relevant KPIs and information.
3. Automated tasks: effective automation is crucial for improving business processes and saving time. A data analyst will help you identify which tasks can be automated and may even be able to assist with the automation process. By automating certain tasks, you can allow your employees to focus on more complex and valuable goals.
4. Using the right analytical tools: data analysts can help you find the right tools for your data needs. There are a variety of tools for data analytics, such as SQL, that can prove extremely beneficial. However, if you don’t know how to use these digital tools, you’ll be left spending time and money simply learning how to operate them. Data analysts can help you maximize the potential of your data tools.
5. Documenting analytical processes: proper documentation helps you better understand your business processes and allows you to replicate tasks and analysis when needed. Retracing your steps on every process is time consuming, but with proper documentation, it’s much easier–and faster–to understand data analytics and other core processes.
CONCLUSION – 5 WAYS THAT DATA ANALYSTS SAVE TIME
If you aren’t currently using big data to help you make decisions, it’s time to take a look into the world of data analytics to see what this powerful tool can do for your business. But it’s no simple task when you’re faced with practically endless amounts and types of data. How do you even begin making sense of it all? Hiring a data analyst is an important first step to harnessing the power of big data.
Not only can a data analyst help you tap into big data, but this key position will also save your business time and money. By cleaning data, automating tasks, and reporting on results and trends, a data analyst enables you to improve your processes and make smarter, more informed, business decisions. If you’re not leveraging the advantages of big data, you might as well be operating in the dark.
At Fully Accountable, we’re here to help your business grow–no matter your industry or the size of your workforce. With our professional service, advanced tools and data, and years of experience, we’ll help your business have its best fiscal year to date.
Contact us to learn more about big data, data analytics, and how outsourced accounting and a fractional CFO can help you make smarter business decisions and benefit your bottom line.
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If the old saying that “time is money” is true, then your business has no time to waste. Business owners across all industries need to constantly be looking for ways to save time and resources. Over time, this can help improve the efficiency and effectiveness of your business practices and processes.
In this blog, we’re looking at data analysts, how this position has rapidly grown in recent years, and how these specialized employees can not only help you make smarter business decisions, but also save you significantly on time and resources. Big data can quickly overwhelm even the sharpest business owner. Data analysts can help you access and understand data to leverage this powerful tool and grow your business.
Fully Accountable is dedicated to serving the financial needs of ecommerce and tech companies across the United States and Canada. No matter your industry, our digital accountants and fractional CFOs will surpass basic bookkeeping tasks and help you uncover insight to increase the growth of your business. We have the tools and experience to help you take advantage of big data, allowing you to make the right business decisions.
WHAT IS DATA ANALYTICS?
Before we dive into the position of data analyst, it’s helpful to first take a step back and consider the field of data analytics. According to BMC, data analytics is simply the “broad field of using data and tools to make business decisions.” Data comes in a practically endless variety of forms, including sales, conversion rates, web traffic, customer reviews, or even “likes” on social media posts. Data analytics works to help you assess, organize, and ultimately understand what all this data really means for you and your business.
Primarily, there are four different types of data analytics: descriptive, diagnostic, predictive, and prescriptive analytics.
Here’s a brief breakdown of each type of data analytics:
· Descriptive analytics: describing and examining past events. Whether its sales metrics, web traffic, or understanding your cash conversion cycle, descriptive analytics can help your business identify trends and patterns.
· Diagnostic analytics: this level of analytics works to understand the “why” behind trends, patterns, and events. By understanding the cause, you can learn what to avoid or what to focus on for future decisions.
· Predictive analytics: building on descriptive and diagnostic analytics, predictive analytics attempts to determine future outcomes by leveraging what has previously happened and why those events occurred. This type of analytics can help your business make projections and more strategic plans.
· Prescriptive analytics: this final type of analytics focuses on identifying what your business should do in a given situation. Prescriptive analytics is action driven and often incorporates advanced analytics and even AI and machine learning.
WHAT IS A DATA ANALYST?
Data analysts are quickly becoming a vital role in businesses of all sizes–for good reason. Data is a powerful tool that can help you understand past events and make smarter decisions for your future business strategy. But all the data in the world won’t do you much good if you don’t have employees who can make sense of it all. This is exactly where a skilled and experienced data analyst comes into play.
A data analyst is a professional who uses data analytics to transform raw data into meaningful information. Data, for the most part, comes in messy and unorganized. One of the most important tasks of a data analyst is to “clean” the data by organizing the raw data into understandable data sets.
For example, let’s say your business is trying to measure the effectiveness of a social media campaign. How do you plan on measuring and quantifying the success or failure of your campaign? Is it just the number of likes? Shares? Views? Does it make a difference who likes your posts and shares them? A data analyst can organize all your data surrounding your campaign and help you identify key metrics and data sets to then be able to assess the success or failure of your venture.
WHAT CAN A DATA ANALYST DO FOR YOUR BUSINESS?
No matter your industry, your business could benefit from the skill set of an experienced data analyst. As previously stated, one of the key responsibilities for a data analyst is cleaning and organizing your raw data into clear data sets. This is the first step to helping you leverage the power of big data. However, in addition to cleaning raw data, data analysts perform many other tasks and roles.
Here’s a closer look at what a data analyst can do for your business:
· Clean and organize raw data into data sets.
· Use computerized models to extract data.
· Remove corrupted data.
· Perform analysis to assess data quality.
· Prepare reports on data analytics.
Essentially, data analysts work to make data usable for your business. Raw data is messy, complicated, and in its raw form, not very helpful. A data analyst helps you access, understand, and then use data for the improvement of your business.
5 WAYS THAT DATA ANALYSTS SAVE TIME
While data analysts provide a myriad of benefits for your business, one of the most valuable is how a professional in this role position can save you both time and resources. But how exactly do they do this? Here’s a look at 5 of the most effective ways that a data analyst can save your business time.
1. Cleaning data: raw data is complex and messy and takes a significant amount of time to comb through and assess. By cleaning your raw data and organizing it into data sets, you’ll be able to work with this information and actually make use of it. While cleaning data is never easy, data analysts have the tools and experience to expedite the cleaning process.
2. Reporting on data analytics: even with a clean data set, it can be a challenge to know what to look for with big data. A data analyst can perform reporting tasks that not only keep you updated on your data analytics, but also help you design these reports so that you’re focusing on the most relevant KPIs and information.
3. Automated tasks: effective automation is crucial for improving business processes and saving time. A data analyst will help you identify which tasks can be automated and may even be able to assist with the automation process. By automating certain tasks, you can allow your employees to focus on more complex and valuable goals.
4. Using the right analytical tools: data analysts can help you find the right tools for your data needs. There are a variety of tools for data analytics, such as SQL, that can prove extremely beneficial. However, if you don’t know how to use these digital tools, you’ll be left spending time and money simply learning how to operate them. Data analysts can help you maximize the potential of your data tools.
5. Documenting analytical processes: proper documentation helps you better understand your business processes and allows you to replicate tasks and analysis when needed. Retracing your steps on every process is time consuming, but with proper documentation, it’s much easier–and faster–to understand data analytics and other core processes.
CONCLUSION – 5 WAYS THAT DATA ANALYSTS SAVE TIME
If you aren’t currently using big data to help you make decisions, it’s time to take a look into the world of data analytics to see what this powerful tool can do for your business. But it’s no simple task when you’re faced with practically endless amounts and types of data. How do you even begin making sense of it all? Hiring a data analyst is an important first step to harnessing the power of big data.
Not only can a data analyst help you tap into big data, but this key position will also save your business time and money. By cleaning data, automating tasks, and reporting on results and trends, a data analyst enables you to improve your processes and make smarter, more informed, business decisions. If you’re not leveraging the advantages of big data, you might as well be operating in the dark.
At Fully Accountable, we’re here to help your business grow–no matter your industry or the size of your workforce. With our professional service, advanced tools and data, and years of experience, we’ll help your business have its best fiscal year to date.
Contact us to learn more about big data, data analytics, and how outsourced accounting and a fractional CFO can help you make smarter business decisions and benefit your bottom line.
Together, let’s change your business for the better.
ther, let’s change your business for the better.
